KUALA LUMPUR: Yee Lee Corp Bhd and Tasco Bhd have entered into a shareholders’ agreement to jointly develop a business involving trading, distribution and logistics through YLTC Sdn Bhd.
Tasco plans to subscribe for 999,998 shares in YLTC, the joint-venture company that is currently wholly-owned by Yee Lee Trading Co Sdn Bhd (YLT), which in turn is wholly-owned by Yee Lee, for RM999,998.
Upon completion of the subscription of the shares in YLTC, Tasco will hold 40 per cent while YLT will have 60 per cent in the joint venture company, said the logistic firm Tasco said in a filing with Bursa Malaysia today.
YLTC, which was set up on Nov 17, 2017 to carry out trading, distribution and logistics business, would become an associate company of Tasco.
Both YLC and Tasco said their partnership in YLTC would give them an opportunity for growth expansion, and access new markets and distribution networks.