KUALA LUMPUR (Jan 8): Century Logistics Holdings Bhd said it has yet to conclude talks on or enter into any definitive agreement relating to the acquisition of a document management services company. 

In a filing with Bursa Malaysia this evening, Century Logistics said it would make the necessary announcements to the exchange, once discussions had been concluded and a formal agreement had been reached.

Its clarification was in reference to an article in The Edge Financial Daily on Wednesday (Jan 7) that reported the firm, quoting its managing director Steven Teow, was in advance talks to acquire a document management services company.

It added its revenue target of RM300 million for the financial year ended Dec 31, 2015, is an internal target set by the management and does not refer to "any financial estimate or forecast of the company".

Separately, the supply chain management and logistics provider said it was disposing of its 51% stake in its Indian subsidiary Expo Century Logistics Pvt Ltd (ECL) for INR883,092 (equivalent to RM49,025 received), cash.

The disposal of its stake was made to another Indian-based company, Expo Freight Private Ltd, a provider of freight forwarding solutions internationally.

"The disposal resulted in a gain on disposal of INR5,031,156 (approximately RM282,751)," said the company in its filing.

"However, the disposal also resulted in the Century Group having to write off the amount outstanding from ECL, of INR10,870,319 (approximately RM610,912). Therefore, the net impact of the disposal amounts to a net charge of INR5,839,163 (approximately RM328,161) to the group," it added.

As the proceeds of disposal has been received on Jan 5, the disposal is to be completed immediately, it noted.

Century Logistics shares closed 1.5 sen or 2.29% higher at 67 sen, for a market capitalisation of RM245.35 million.