MISC to sell MISC Integrated Logistics for RM257.2mil

MISC LNG vessel

KUALA LUMPUR: MISC Bhd will dispose its entire stake in wholly-owned subsidiary, MISC Integrated Logistics Sdn Bhd (MILS), to Swift Haulage Sdn Bhd for RM257.2mil.

(The principal activities of MILS, its subsidiaries, associate company and joint venture company are in the provision of integrated logistics services, which include freight forwarding, transportation, dry and cold warehousing, repair and storage of containers, and other value-added activities.)

In a filing with Bursa Malaysia, MISC said Swift would also fully repay the shareholders loan, owed by MILS, to MISC of RM66.8mil upon completion of the deal, in addition to other receivables due from MILS to MISC of up to RM34mil.

“Including the repayment of the shareholders loan and other receivables due from MILS to MISC, the total proceeds from the proposed disposal are estimated to be up to RM358mil.

“The proposed disposal is not subject to the approval of shareholders of MISC and upon completion, MILS will cease to be a subsidiary of MISC,” it added. - Bernama