KUALA LUMPUR: Swift Haulage Bhd
has formed a joint venture with JWD Asia Holding Pte Ltd with a proposed name of Swift Cold Chain Sdn Bhd to operate a cold chain (temperature control) warehouse and transport business in Peninsular Malaysia.
JWD Asia is a major shareholder in Swift Haulage, with ownership of 180 million shares or 20.49% direct interest in the company.
Swift Haulage said in a stock exchange filing it intends to expand and diversify its current portfolio by unlocking a new revenue stream in the cold chain logistics services.
The group aims to capitalise on its experience in the logistic sector to deliver reliable and cost-effective temperature-controlled solutions.
"The partnership with JWD Asia will provide the joint venture with ready knowledge and expertise in cold chain logistics through JWD Asia’s parent company, SCGJWD Logistics Public Company Limited.
"SCGJWD is experienced in managing large number of cold chain pallets (approximately 242,000 units) and is knowledgeable in operating the Automated Storage and Retrieval Systems (ASRS)," said the group.
Under the terms of the deal, Swift Haulage with have a 51% stake in the joint venture while JWD Asia will hold the remaining 49%.
