KUALA LUMPUR: EasyParcel Sdn Bhd’s unit Pgeon Express Sdn Bhd has entered into an asset purchase agreement with CJ Logistics Express Malaysia Sdn Bhd to buy 326 units of commercial vehicles comprising mostly one-tonner for an undisclosed sum.
In a statement today, Pgeon Express said it would also take over some of CJ Logistics’ branches and offer fresh employment to the latter’s selected employees.
The acquisition is expected to be completed by the year-end.
Pgeon Express founder and chief executive office Clarence Leong said the acquisition offered generating value for its shareholders and stakeholders by strategically planning the company’s growth to further strengthen its position.
“Additionally, the purchase of assets would enhance the company’s efforts in building a solid foundation to drive expansion across the region,” he said.
Leong said the company had planned to further maximise its potential by developing a system to assist the community in expanding the country’s e-commerce ecosystem.
Accelerated by the eCommerce boom, Pgeon Express has almost doubled its revenue this year.
The asset acquisition will improve Pgeon Express’ pickup and delivery capacity by five times.
It will also serve to meet the rising demand from its customers as Pgeon Express expects to achieve 100,000 parcels a day by the middle of next year.
Pgeon Express also looks to boost its operational capacity by acquiring more trucks, expanding its workforce, and investing in automation and digitalisation.
The company has established itself as one of Malaysia’s top self-service drop-off and pick-up service companies, offering low-cost courier services to its customers in less than five years of operating.
Source: New Straits Times
