KUALA LUMPUR (March 3): GD Express Carrier Bhd (GDex) shares rose 1.82% in early trade today after the company and PT Pos Indonesia signed a business collaboration today to enhance cross-border trade between both entities and explore other synergies.
At 9.15am, GDex rose 3 sen to RM1.68 with 45,700 shares done.
In a filing with Bursa Malaysia, GDex said while it had an established comprehensive network in Malaysia, the state-owned Indonesian postal service provider possessed an extensive network in that country.
"Such collaboration will create more value for the communities by providing better connectivity between both countries," said GDex, which is 27%-owned by Singapore Post Ltd (SingPost).
The agreement was signed by GDex managing director Teong Teck Lean and Pos Indonesia president director Gilarsi W. Setijono in Bandung, Indonesia.