Monday, June 21, 2010

POS ... Jun10

As if end May 2010, 11 parties including foreign courier groups DHL Express and TNT NV, have expressed interest in buying the block of shares.

Sources say among the local companies that are eyeing the stake in the postal group are Nationwide Express Courier Services Bhd and Konsortium Logistik Bhd. EPF which is holding 5.76% stake in POS is also interested in raising its shareholding in POS Malaysia.

Other substantial shareholders in POS include PNB with 8.45% and Aberdeen Asset Management with 7.09%.

According to sources, the interested parties have received a request from Khazanah to submit their individual profiles for consideration. It is believed the request is to kick start the divestment process.

It is unlikely that such a large block of shares would be sold to a sole foreign partner because POS Malaysia is a GLCs with a monopoly on Malaysia’s postal service. Therefore interested parties may team up to bid for the stake in POS Malaysia.

Industry observers believe that participation of foreign players such as DHL and TNT will benefit POS Malaysia in terms of enhancing operating efficiency and transforming the business model.

The company is currently sitting on a cash pile of RM187 million.

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