Kuehne+Nagel has agreed to acquire City Zone Express, a subsidiary of Chasen Holdings Ltd., a Singapore Exchange Mainboard-listed company. Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China. The acquisition of City Zone Express will be immediately earnings-accretive and strategically enhance Kuehne+Nagel’s cross-border road logistics service offerings in Asia.
Hansjörg Rodi, Member of the Management Board at Kuehne+Nagel International AG, responsible for Road Logistics, said: “Asia’s economies are an attractive area for us to develop our road logistics services in line with our Roadmap 2026. With City Zone Express, we acquire a reputable regional player whose network and capabilities ideally complement our own. It enables us to better support our customers with tailored road logistics solutions in complex cross-border environments.”
With its fleet of 260 vehicles and 80,000 sqm of warehousing space, City Zone Express offers reliable cross-border logistics services spanning the entirety of Southeast Asia up to China. When combined with Kuehne+Nagel’s network, logistics expertise, and its eTrucknow visibility platform, customers from booming local industries like e-commerce and high-tech will benefit from a highly dependable extended offering.
S. Pirithivaraj A/L Selvarajoo, Founder of City Zone Express, added: “We are thrilled and privileged to become a member of the Kuehne+Nagel Group, an industry leader in air and sea freight and a renowned player in road freight. With our combined footprint in road logistics, we can better meet Southeast Asia’s growing demand for road logistics services. This region is an important manufacturing hub for critical industries like high-tech, semiconductors and e-commerce.”
Completion of the transaction is expected within the coming months. The acquisition is subject to approval from applicable regulatory authorities and Chasen Holdings’ shareholders.
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