GDEx confirmed participation in SAP Express’s IPO

by TMR

GD Express Carrier Bhd (GDEx) and two of its wholly-owned subsidiaries GDEx SEA and GD Valueguard had on confirmed their participation in the initial public offering (IPO) of SAP Express for a total cash consideration of RM25.8 million.

In an exchange filing yesterday, GDEx noted SAP Express’ IPO will enable GDEx to tap into the fast-growing express delivery industry in Indonesia, which is also in line with the company’s strategy of regional expansion.

“We believe Indonesia offers a vast growth opportunity for the courier business, supported by the growth of e-commerce as well as conventional business. The continuation of the company’s partnership with SAP Express will enable the company to provide business advice and support as well as knowledge transfer between the two companies,” GDEx noted.

The proposed IPO subscription is expected to be completed on Oct 3, 2018, which is the scheduled listing date of SAP Express.