Malaysia’s GD Express to acquire 50% stake in Vietnamese logistics firm

Photo: Netco's Facebook page

Malaysia-based last-mile delivery company GD Express Carrier Bhd is acquiring a 50 per cent stake in Vietnamese courier and logistics service provider Noi Bai Express and Trading Joint Stock Company (Netco) for 76.73 billion dong ($3.29 million), according to a stock exchange filing.

The acquisition is targeted to be completed by January 2020, subject to approvals from relevant authorities. GD Express will fund the deal through internally generated funds.

The Malaysian company has signed an agreement to acquire Netco shares from three shareholders, namely Nguyen Duc The, Trieu Lan Huong and Nguyen Duc Hau. Upon completion of the transaction, it will become the largest shareholder in the Vietnamese firm.

GD Express also plans to ink a shareholder agreement with the remaining Netco investors, namely 3 Comma Capital Company Ltd (which holds a 20 per cent stake), Trieu Lan Huong (14.52 per cent), Nguyen Duc The (14.52 per cent), Nguyen Xuan Hiep (0.4 per cent), Nguyen Thanh Trung (0.33 per cent) and Tran Thi Thuy Hang (0.24 per cent).

The Netco stake acquisition is in line with GD Express’s ambition to build a regional delivery network in Southeast Asia and follows its expansion into Indonesia.

In October 2018, GD Express and its subsidiaries had acquired a 44.5 per cent stake in Indonesia’s last-mile delivery company Satria Antaran Prima (SAP Express) for 92.71 billion rupiah. The company acquired the stake in SAP Express stake during the latter’s initial public offering (IPO) process.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.