KUALA LUMPUR: SWA Shipping Sdn Bhd is facing a deadline of February 25, as Pos Logistics Bhd is considering terminating the RM123.21 million deal for the acquisition of PNSL Bhd.
The deadline marks the point at which SWA Shipping has failed to meet its obligations under the sales and purchase agreement (SPA), said Pos Malaysia Bhd
in a filing with Bursa Malaysia today.
Pos Malaysia said Pos Logistics, which is its indirect wholly-owned subsidiary, has issued a written notice requiring SWA Shipping to remedy the non-fulfilment within 30 business days, the period of which will end on Feb 25, 2025 (remedial period).
"If the purchaser is unable to remedy the non-fulfilment during the remedial period, Pos Logistics shall be entitled to exercise its right with the termination of the SPA and forfeiture of the deposit together with any interest earned thereon (if any),” it said.
To recap, Pos Logistics has proposed to dispose of its entire equity interest (49 million shares) in PNSL Bhd to SWA Shipping for RM123.21 million.
Pos Malaysia said the proposed disposal of the ship chartering unit, which mainly deals with bulk cargo, would allow Pos Malaysia to unlock and realise the value of its investment in PNSL, which represents part of its non-core business.
The proceeds to be raised from the proposed disposal is expected to strengthen the cash flow position of the group and contribute positively to its future earnings,” it said. - Bernama
