Tiong Nam gets new partner for unit


Tiong Nam told Bursa Malaysia the subscription will dilute its stake in TPSB from a wholly-owned subsidiary to a 49%-owned associate company.

PETALING JAYA: Tiong Nam Logistics Holdings Bhd has entered into a shareholders agreement with Create Fortune Enterprise Sdn Bhd.

The deal will see the subscription by Create Fortune of 5.2 million new shares, representing an additional 51% of total issued shares, in Terminal Perintis Sdn Bhd (TPSB) for RM36.7mil.

Tiong Nam told Bursa Malaysia the subscription will dilute its stake in TPSB from a wholly-owned subsidiary to a 49%-owned associate company.

TPSB is mainly involved property development, property investment and hotel operations. The transaction is part of Tiong Nam’s streamlining exercise to focus on its core logistics and warehousing business.

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