Swift Haulage increases stake in warehouse firm for RM19m

SWIFT Haulage Bhd has further increased its stake in Global Vision Logistics Sdn Bhd (GVLSB) to 42.5% after acquiring a 17.5% stake in the warehousing service provider for RM19.16 million

The integrated logistics services company told the stock exchange today that the 17.5% stake from Aspen Vision Properties Sdn Bhd, comprises 437,500 ordinary shares and 1.31 million preference shares of GVLSB.

GVLSB is the leaseholder of a 70.9 acres land which it is currently developing into 6 million sq ft of warehouse space 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.

“It will also contribute towards maintaining Swift Haulage Bhd group’s competitive advantage and position itself as a leading player in the warehousing sector,” it said.

The acquisition is expected to increase Swift Haulage’s earnings per share by 3.54% for the financial year ending December 31, 2023.

Swift Haulage’ share price was unchanged at 47.5 sen today while its market capitalisation stood at RM423 million. – TMR