KUALA LUMPUR (April 26): GD Express Carrier Bhd has cancelled its plan to acquire two firms collectively known as MBE Malaysia, saying the conditions precedent in the agreement inked for the proposed acquisition were not fully satisfied at the cut-off date of April 30.

"Accordingly, the company and the sellers had on May 2, 2018 executed a confirmation letter confirming their mutual agreement to terminate the agreement," GD Express announced in a Bursa Malaysia filing today.

MBE Malaysia is made up of MBE Business Corp Sdn Bhd and MBE Business Holdings Sdn Bhd, which GD Express proposed in March 1 this year to acquire via a subsidiary for RM5.5 million in total, to expand the group's income stream into the retail delivery business.

While it did not specify which condition precedent was not fully satisfied in its filing today, it assured that the termination of the proposed acquisition will not have any impact on its existing business or financial position.

GD Express shares rose 0.5 sen or 1% to close at 50.5 sen, giving the group a market capitalisation of RM2.83 billion.