KUALA LUMPUR, March 19 (Bernama) – Integrated logistics service provider, Xin Hwa Holdings Bhd (XHHB) has partnered with PT Pos Logistik Indonesia (POS) to expand its logistics business into the Indonesian market.
XHHB said the companies has signed a memorandum of understanding (MoU), which aims to create synergies by leveraging the respective assets and resources of both parties.
“This agreement would serve as a basis to assist the business development of the parties through their respective competencies.
“The parties plan to enter into a definitive cooperation agreement that details the technical implementation in relation to the cooperation works at a later date,” it said in a filing with Bursa Malaysia today.
The MoU, which is valid from March 19, 2020 until March 19, 2021, is not expected to have any material effect on the earnings and net assets of XHHB for the financial year ending March 31, 2020.
POS is a subsidiary of PT Pos Indonesia (Persero), an Indonesian state-owned enterprise involved in freight forwarding, transporting, warehousing, cargo and customs handling services domestically and internationally.
TAGS: Xin Hwa Holdings Bhd, MoU, PT Pos Logistik Indonesia, Logistics