DRB-HICOM acquires Konsortium logistik for RM240.97 mln

Business & Markets 2013
Written by Bernama
Friday, 25 October 2013 21:21
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KUALA LUMPUR (Oct 25): DRB-HICOM Bhd's wholly-owned subsidiary, KL
Airport Services Sdn Bhd (KLAS), has entered into a conditional share sale and
purchase agreement (SPA) with Bendahara 1 Sdn Bhd for the acquisition of its
entire 61.61 per cent equity interest in Konsortium Logistik Bhd (KLB) for
RM240.97 million.
It said that Bendahara 1 is a special purpose vehicle of Ekuiti Nasional Bhd
while KLB was a total logistics services and inventory solutions provider listed
on the Main Market of Bursa Malaysia Securities Bhd.
Upon the SPA, in respect of the acquisition, becoming unconditional, KLAS
would be obliged to extend a mandatory general offer (MGO) for all the
remaining KLB shares at a cash offer price of RM1.55 per share.
The acquisition and the consequential MGO are expected to be completed by
the first quarter of next year.
The acquisition of KLB, which is the leading haulier in the central and southern
regions, was in line with DRB-HICOM’s plan to develop KLAS into a leader in
integrated logistics services provider in Malaysia.
It will enable KLAS to provide a multi-modal total logistics solution that includes
linking up warehousing, distribution and supply chain management and
strengthening the group’s services sector.
The acquisition would also provide further breadth and depth to the group’s
businesses while creating and harnessing the group’s synergies. -- BERNAMA