COSCO Shipping International (Singapore) Co., Ltd. has unveiled plans to expand its logistics business operations in Malaysia.
As informed, the group is taking steps to grow business in Malaysia by obtaining a lease of a piece of land in the port area of Port Klang and constructing a warehouse.
The warehouse would have approximately 300,000 square feet on the land for the group’s operations.
What is more, the company is currently in negotiation with an unnamed party in Malaysia for potential cooperation which may involve the proposed acquisition of certain logistics businesses or the collaboration of a logistics partnership business in Malaysia.
“The Board is of the view that the above plans, if materialised, will provide synergies to allow the group to form an integrated platform for the company’s logistics business in Malaysia,” COSCO Shipping International (Singapore) said.
“The group will also collaborate with other COSCO Shipping companies in Malaysia to achieve further synergies for its Malaysian businesses.”
COSCO Shipping International (Singapore) added it has not entered into any definitive agreement for any of the foregoing plans.