KUALA LUMPUR, June 21 – Investment firm 3Lyon Holdings Berhad is in advanced talks to acquire a controlling stake in a local logistics company.

In a statement today, the investment holding company under the leadership of its flamboyant chairman Tan Sri Syed Yusof Syed Nasir said it is set to explore opportunities in various sectors of the Malaysian economy.

So far, it has entered into a principle understanding and was in advanced negotiations with the unnamed logistics firm and is expected to have the acquisition exercise completed within 90 days.

3Lyon founder Datuk Ranjeet Singh Sidhu explained that the acquisition would bring value to the founder and investors of both companies.

"3Lyon would look to secure funding in excess of RM150 million for expansion of the logistics business.

"The company (to be acquired) which presently has in excess of 400 vehicles and a group turnover of close to Ringgit Malaysia ninety million per annum servicing many prime companies in the food and beverage sectors,” he said in a statement.

Ranjeet added that the logistics sector has proven to be recession proof and Covid-19 proof. He said the segment will grow as the nation and region recovers from the pandemic.

He is confident that with funding strong management and diversifying into other logistics segments, the company will reach a valuation close to RM 1.3 billion in a span of five years.