PETALING JAYA: Analysts are positive on Swift Haulage Bhd
’s recent proposal to increase its stake in Global Vision Logistics Sdn Bhd (GVL), which will give Swift the opportunity to expand its warehouse footprint.
The haulier and integrated logistics service provider is looking to acquire an additional 17.5% stake in its associate company GVL from Aspen Vision Properties Sdn Bhd for RM19.2mil, thus raising its stake to 42.5%.
Both MIDF Research and Kenanga Research welcome the move as GVL is the leaseholder of a land measuring 70.9 acres in Shah Alam, which is to be developed into a six million sq ft of green logistics hub.
According to Kenanga Research, the proposed project will be the largest logistics hub in Asia (excluding China), at a cost of RM1.3bil, by 2028.
The brokerage said the amount will be funded through Asean Green SRI Sukuk, with a nominal value of up to RM1.5bil.
“The first phase of the development entails 2.8 million sq ft of warehouse space at RM700mil, to be completed by May 2025,” it said.
MIDF Research, on the other hand, said about 500,000 sq ft has been allocated for rental and Swift could be generating an estimated RM1.2mil per month on rental charges alone.
“Swift has reportedly received a letter of intent from an existing customer in the healthcare and beauty industry to take up about 80% of the available capacity,” MIDF Research said.
