SEMBCORP LOGISTICS, HAISAN RESOURCES FORM LOGISTICS VENTURE
Singapore-based logistics service provider SembCorp Logistics and Malaysia’s Haisan Resources Berhad have agreed to form a joint venture company to offer third-party supply chain management services in Malaysia.
SembCorp Logistics will take up 51 percent of ownership in the joint venture company, to be named SembCorp Logistics (Malaysia) Sdn Bhd. The balance of 49 percent will be held by Haisan Resources. The joint venture’s initial paid-up capital of will be Ringgit1.0 million ($276,000).
SembCorp Logistics (Malaysia) will acquire Haisan Resources-owned subsidiary ABLE-Bonded Warehouse for Ringgit192,824 (approximately $53,000). Staff from ABLE-Bonded Warehouse will also move to the joint venture company.
SembCorp Logistics said that its entry into the Malaysian market is part of its plans to build an extensive logistics network across Asia and the Pacific. The company is already active in Hong Kong, China, India, Sri Lanka, Myanmar and Indonesia. It is also looking to expand into Australia, New Zealand, Vietnam, the Philippines, Korea and Japan.
SembCorp Logistics is close to global freight forwarder Kuehne & Nagel International, with which it has a cross-shareholding agreement.