Monday, 12 September 2016

Century Logistics MD to stay on, no plans to sell stake to Koreans

Century Logistics Holdings Bhd managing director Steven Teow Choo Hing has no plans to sell out of the company despite the emergence of South Korea-based CJ Korea Express Asia Pte Ltd as the single-largest shareholder in the Port Klang-based integrated logistics services firm.

He plans to remain at the helm of Century Logistics, in which he has an 11.1% stake, making him the second-largest shareholder in the company.

“I am not looking to sell out,”.

“I will stay on will continue to lead the company and champion the post-merger exercise,” he added.

Teow said it was also the intention of CJ Korea that he remained as the managing director of Century Logistics.

CJ Korea will be acquiring a 31.44% stake, or 120.54 million shares, in Century Logistics in a deal valued at RM174.78mil.

This followed a conditional sale and purchase agreement that CJ Korea signed last Thursday with Century Logistics’ majority shareholders – namely the company’s founder Datuk Richard Phua Sin Mo and his wife Datin Lee Lay Hun and daughter Pamela Phua Jo Lyn as well as Chai Mee Young (wife of executive director Teow Choo Chuan) – for the disposal of the substantial stake at RM1.45 per share.

The deal represented a 39.4% premium over the closing price of Century Logistics’ shares at RM1.04 sen on Wednesday.

The counter, which has been rallying since early this month, closed at 97 sen on Friday, after gaining half-sen.

CJ Korea, a unit of South Korea’s biggest public-listed logistics provider CJ Korea Express Corp, said the group viewed Century Logistics as the perfect fit for it to achieve its goal of becoming a dominant player in Malaysia.

Century Logistics, on the hand, would be able to leverage on CJ Korea’s strengths, including its technology systems and solutions.

“We can leverage on Century Logistics’ strong local customer base. We are now operating a parcel delivery service but it is still in its infancy. As we see e-commerce growing, we would like to focus on parcel delivery,” CJ Korea’s vice-president for the strategy planning division, Ahn Jaeho, told the press earlier.

“We would like to strengthen and expand the parcel delivery service to become a major player in Malaysia,” he added.

In a statement, CJ Korea said it would introduce its advanced technology, engineering, system and solution and know-how to Century Logistics to enable it to expand into the e-commerce and parcel delivery segments.

The integration of CJ Korea’s Asean network with Century Logistics’ network in Malaysia would complete the first step in its aspiration to become a regional logistics leader.

CJ Korea planned to leverage on the facilities and infrastructure of Century Logistics in its core regions such as the Klang Valley and Johor, as well as the freight forwarding activities in the main ports to remain competitive.

“CJ Korea and Century Logistics shall integrate their logistics and administrative activities, resulting in a larger network and more cost-efficient operation.

“CJ Korea and Century Logistics are expected to benefit through the sharing of key logistics hubs and networks, cross-selling and new business opportunities,” it said.

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