PETALING JAYA: CJ Century Logistics Holdings Bhd (CJ Century) is acquiring a 100% stake in logistics services provider CJ Korea Express Malaysia Sdn Bhd (CJKX) from CJ Logistics Asia Pte Ltd (CJ Asia) for RM100 million, in order to expand its existing logistics business.

However, as the purchase sum will be satisfied via the issuance of 200 million new ordinary shares in CJ Century to CJ Asia at an issue price of 50 sen per share, the shareholdings of CJ Asia in CJ Century will increase from about 30.89% to 54.31%, thereby triggering the criteria to launch a mandatory offer.