Swift Haulage Berhad has disposed 12.5% stake in Global Vision Logistics to IJM RE Sdn. Bhd. a subsidiary of IJM Corporation Berhad for a total purchase consideration of RM44.3 million.
GVL, an associate company of Swift, is the project owner and developer of the Shah Alam International Logistics Hub. Upon completion of the Proposed Disposal, Swift’s ownership in GVL will decrease from 42.5% to 30.0%.
The project in Shah Alam is slated to become one of the largest in the ASEAN region. Strategically located on a 71-acre site it provides optimal connectivity to major transportation networks and key industrial areas.
The first phase, which commenced construction in September last year, comprises a range of facilities: a four-storey warehouse complex, a multi-level parking facility spanning four storeys and a one-storey office, along with ancillary buildings. Set for completion in 2025, this phase will provide a net lettable area of 2.8 million square feet. Plans for the second phase are in progress, which will bring the total warehouse space to approximately 6 million square feet upon completion of all phases.
Swift looks to realise the value of the project and use the proceeds towards working capital and improving its net gearing ratio.
IJM has been appointed as the contractor for the first phase of the project and is actively engaged in the design and construction of the project. Swift said the disposal to IJM solidifies the alignment of interests between the partners, strategically ensuring decisions are made in the best interest of the project.
