MISC completes sale of logistics arm

PETALING JAYA: MISC Bhd has completed the disposal of its entire equity interest in unit MISC Integrated Logistics Sdn Bhd (MILS) to Swift Haulage Sdn Bhd for RM257.2mil.

The firm told Bursa Malaysia that the disposal activity was completed on Oct 24 upon the satisfaction of all conditions and receipt of the balance purchase consideration and shareholders loan owed by MILS to MISC.

“In addition, Swift will repay other receivables due from MILS to MISC within one year from completion of the sales and purchase of shares agreement,” it said.

It said the total proceeds from the disposal is estimated to be up to RM358mil.