CLSB proposes stake disposals worth RM85.6 million
Last update: 13/08/2019
KUALA LUMPUR, Aug 13 (Bernama) -- Complete Logistic Services Bhd (CLSB) is proposing to dispose of its 80 per cent stake in Dolphin Shipping Agency Sdn Bhd, Guper Integrated Logistics Sdn Bhd and Gems Logistics Sdn Bhd to SH Cogent Logistics Pte Ltd for RM85.6 million in cash.
In a filing with Bursa Malaysia today, CLSB said the proposed disposals were an opportunity for the company to unlock and realise substantial value from its investments in the forwarding, haulage and warehousing businesses.
Proceeds from the disposals would be used for future investments, dividend distribution and to strengthen the group’s liquidity and cash flow position, among others.
It would also increase CLSB’s net assets from RM150.99 million to RM208.26 million due to a RM57.27 million gain following the disposals.
CLSB said the proposed disposals, which were expected to be completed by the third quarter of financial year 2020, would contribute positively to its future consolidated earnings for the year.