Swift Haulage Berhad entered into an Agreement for the Sale and Purchase of Shares with Aspen Vision Properties Sdn.
Bhd. for the proposed acquisition of 17.5% stake in Global Vision Logistics Sdn. Bhd for RM19 million.
Upon the completion of the Proposed Acquisition, GVLSB equity interest shall increase to 42.5%, an associate company of SHB.
Swift is looking to further increase its shareholding interest in GVLSB which the company deems as an opportunity for the group to continue expanding its exposure in Malaysia’s warehousing industry. GVLSB is the leaseholder of land measuring 70.9 acres and is currently in the process of developing the same. Upon completion, the development will house approximately 6,000,000 square feet of warehouse space which shall be developed in phases.
It is also to leverage SHB Group’s present network of partnerships and connections in the industry is a key advantage in this acquisition to bring value to the warehouse owned by GVLSB. This will enable GVLSB to expand its reach and take advantage of new business opportunities in the region. Additionally, the SHB Group’s experience and expertise in the logistics industry will help navigate the regulatory and operational challenges of the warehouse business.
Overall, increasing the SHB Group’s stake in GVLSB is a strategic move that will enable the SHB Group to secure its future growth in the industry. It will also contribute towards maintaining SHB Group’s competitive advantage and position itself as a leading player in the warehousing sector.
