Chairman Datuk Ahmad Sufian said at present, the company will maintain its emphasis on the domestic market for business.
“We do have plans of venturing overseas within the next five years. But right now, we are more focused on managing national growth,” he told reporters in Kuala Lumpur after the company’s listing ceremony yesterday.
GDEX opened on the Malaysian Exchange of Securities Dealing & Automated Quotation Bhd market at 32.5 sen, 2.5 sen above its offer price of 30 sen.
It closed its maiden trading day 33 per cent higher at 40 sen a share.
GDEX made a public issue of 35 million shares at an issue price of 30 sen each. It had expected to raise RM10.5 million from the exercise.
The company has allocated RM2 million from the total listing proceeds for listing expenses and RM3.7 million as working capital.
The remaining 4.8 million will be used to upgrade its quality processes, infrastructure and expanding its network.
Meanwhile, its chief executive officer and managing director Teong Teck Lean said the company banks in customized logistic solutions to be the driving force behind the company growth.
“GDEX is able to help these types of companies to reduce their cost mainly through economies of scale,” he added.
GDEX currently has between 3 and 4 per cent of the RM1 billion express carrier market. For the last three years, it has made an average compound growth of 40 per cent in turnover.
There are over 120 express carrier companies but 90 per cent of the industry is dominated by 10 players.