Gulf Logistics buys 60% stake in Century Express
Sep 30, 2017
Gulf Pinnacle Logistics (GPL) has acquired a 60 per cent stake in Century Express Courier Services as part of its $325 million (Dh1.2 billion) investment plan.
Established in May 2014, GPL is a logistics and transportation company advised by Regulus Capital. The company owns majority stakes in four assets involved in warehousing, container freight station operations, student bus transportation and courier services.
Headquartered in the UAE, Century Express Courier Services caters to the domestic and international markets through its own fleet and a network of agents delivering shipments to more than 100 countries.
Century Express has an estimated capacity to deliver 715,000 letters and parcels per annum. The company focuses on same-day and next-day express delivery services catering to the growing demand of priority shipments.
Shailesh Dash, chairman of Gulf Pinnacle Logistics, said this acquisition augments GPL’s concerted efforts in achieving its goal of becoming a diversified logistics company in addition to serving as a delivery base and capitalising on the e-commerce boom in the Mena.
“This acquisition has further strengthened the company’s positioning in the logistics industry and expanded its operations. We are confident about the growth prospects of Century Express and believe in our capabilities to grow the company into one of the leading last-mile delivery companies in the Mena,” said Dash.
Najeeb Kabeer, partner and managing director of Century Express Courier Services, said: “With the upsurge in e-commerce activity in the region and more so in the UAE and Saudi Arabia, the prospects for the courier segment are extremely positive.”