SWIFT HAULAGE TO BUY ADDITIONAL 17.5 PCT OF GLOBAL VISION LOGISTICS FOR RM19.16 MLN
KUALA LUMPUR, March 24 (Bernama) -- Swift Haulage Bhd (SHB) is acquiring 437,500 ordinary shares and 1.31 million preference shares, representing a 17.5 per cent stake in Global Vision Logistics Sdn Bhd (GVLSB), for RM19.16 million.
GVLSB is a 30 per cent associate company of Aspen Group Holdings Ltd.
SHB told Bursa Malaysia in a stock exchange filing that it has entered into an agreement for the sale and purchase of GVLSB shares with Aspen Vision Properties Sdn Bhd.
Upon the completion of the acquisition, its equity interest in GVLSB shall increase to 42.5 per cent, and GVLSB will become an associate company of SHB.
“The further increase of shareholding interest in GVLSB presents an opportunity for the SHB group to continue expanding its exposure in Malaysia’s warehousing industry.
“GVLSB is the leaseholder of a land measuring 28.96 hectares and is currently in the process of developing (a warehouse),” it said.
Upon completion, the development will house approximately six million square feet of warehouse space which shall be developed in phases.
SHB said the deal is expected to be completed within five months from the agreement’s execution date.
-- BERNAMA
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