KUALA LUMPUR – GD Express Carrier Bhd (GDEx) is taking up a 50% stake in Vietnam’s Noi Bai Express and Trading Joint Stock company for RM13.85 million.
GDEx entered into a purchase agreement with Nguyen DucThe, Trieu Lan Huong and Nguyen Duc Hau for the acquisition.
According to GDex, “The acquisition is in line with the group’s ambition to build a sustainable Southeast Asia delivery network to serve the community better. The expansion into Vietnam is the continuation of such an effort after Indonesia.
“Netco, primarily involved in the provision of courier and logistic services currently has four hubs, 45 branches in the country.
The agreement is expected to be completed by January 2020.