The Malaysian air cargo company seeks to boost its presence in the mainland
Transmile Group is to list its freight forwarding arm, Cen Worldwide, as the Kuala Lumpur-based air cargo company expands its presence in the lucrative China market and beyond in co-operation with Hong Kong's Kerry Logistics Group.
Transmile, which is controlled by Robert Kuok, was the surprise beneficiary of an air services agreement negotiated between Hong Kong and Malaysia in March, when it received fifth-freedom rights to fly beyond Hong Kong to destinations in the United States.
The company has applied to the US Department of Transport to launch services to Los Angeles and is lobbying for fifth-freedom rights through Shanghai, highlighting the previously low-profile regional carrier's rapid emergence as a new player in the market.
'We are gearing up to list Cen Worldwide, but we have yet to set a date,' Transmile business development director Chris Bain told the South China Morning Post.
Transmile owns 37.5 per cent of Cen, which will be listed on the Kuala Lumpur stock exchange. Cen's biggest shareholder is Pos Malaysia, the state postal firm.
Mirzan Mahathir, a son of former Malaysian prime minister Mahathir Mohamad, is also a significant shareholder in Cen, whose biggest customers are express operators such as United Parcel Service and DHL Express.