KUALA LUMPUR (November 10): DRB-Hicom Bhd announced that its wholly-owned subsidiary KL Airport Services Sdn Bhd (KLAS) has entered into a share sale agreement to acquire the entire equity interest in Gading Sari Aviation Services Sdn Bhd for RM72 million.

In a statement to Bursa Malaysia today, the group said the acquisition is in line with its plan to develop KLAS into a leading centralised integrated logistics services provider in Malaysia.

“The proposed acquisition will help transform the group to become a fully integrated logistics service provider, providing an end-to-end supply chain management.

“As such, the proposed acquisition presents an opportunity for the group to diversify into the air cargo transport business, which is expected to benefit the DRB-Hicom group in the future,” it said.

The principal activity of Gading Sari is to carry on the business of air cargo transport.

The major shareholders of Gading Sari include KDYTM Tengku Abdullah Ibni Sultan Haji Ahmad Shah — who is the Crown Prince of Pahang — with a 45% stake, and Vescargo Sdn Bhd with a 35% stake.  

The purchase of Gading Sari will be financed by internally-generated funds and bank borrowings, DRB-Hicom said.

DRB-Hicom closed at RM1.98 — down 10 sen or 4.81% for a market capitalization of RM3.83 billion.