Update MISC sells logistics unit to Utusan Printcorp for RM250m

Update MISC sells logistics unit to Utusan Printcorp for RM250m
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com
Friday, 21 March 2014 15:06

KUALA LUMPUR (Mar 21): MISC Bhd is selling a wholly-owned logistics unit to Utusan Printcorp Sdn Bhd for RM250 million cash. The proposed sale of MISC Integrated Logistics Sdn Bhd will enable MISC to unlock the value in a non-core asset.

Shipping firm MISC announced to Bursa Malaysia today that it had entered into a sale and purchase agreement (SPA) with Utusan Printcorp's unit Golden Age Logistics Sdn Bhd.

“The proposed disposal is in line with the initiative of the board of directors of MISC to divest MISC’s non-core integrated logistics business, unlock the value of MISC’s investment in MILS (MISC Integrated) and to strengthen the financial position of MISC and its subsidiaries (MISC Group) to focus on its core business in the energy and petroleum-related shipping as the operating conditions of the shipping industry enters a new cycle and recovers in the coming years,” MISC said.

Upon completion of the SPA, MISC Integrated will cease to be MISC's subsidiary.

According to MISC, MISC Integrated's principle activities include the provision of project logistics and supply-chain management services. The company offers freight management, forwarding, transportation, besides dry and cold warehousing.

MISC is a 62.67%-owned subsidiary of Petroliam Nasional Bhd.