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25 March 2023. Saturday
KUALA LUMPUR (March 24): Swift Haulage Bhd has increased its stake in Global Vision Logistics Sdn Bhd (GVLSB) after it acquired a 17.5% stake in the latter for a total purchase consideration of RM19.16 million, bringing the group’s ownership in the warehouse service provider to 42.5%.
In a bourse filing, Swift Haulage said the 17.5% stake comprises 437,500 ordinary shares and 1.31 million preference shares of GVLSB.
According to Swift Haulage, GVLSB is the leaseholder of a land measuring 70.9 acres and currently in the process of developing six million square feet of warehouse space, which will be done in phases.
“Overall, increasing the Swift Haulage group’s stake in GVLSB is a strategic move that will enable the Swift Haulage group to secure its future growth in the industry,” said the integrated logistics services company.
Swift Haulage acquired the stakes in GVLSB, from Aspen Vision Properties Sdn Bhd, an investment holding company with presence in the property development industry. The acquisition of the GVLSB stakes shall be satisfied by an internally generated fund.
The increased stake in GVLSB is expected to increase Swift Haulage’s earnings per share by 3.54% for the financial year ending Dec 31, 2023.
Swift Haulage’ share price closed unchanged at 47.5 sen, giving the group a market capitalisation of RM423 million.
