OTHERS MISC BERHAD ("MISC" OR "COMPANY") PROPOSED DISPOSAL BY MISC OF THE ENTIRE EQUITY INTEREST IN MISC INTEGRATED LOGISTICS SDN. BHD. ("MILS"), A WHOLLY-OWNED SUBSIDIARY OF MISC, TO SWIFT HAULAGE SDN. BHD. ("SWIFT") FOR A PURCHASE CONSIDERATION OF RM257.2 MILLION ("PROPOSED DISPOSAL")

MISC BERHAD

Type Announcement
Subject OTHERS
Description
MISC BERHAD ("MISC" OR "COMPANY")

PROPOSED DISPOSAL BY MISC OF THE ENTIRE EQUITY INTEREST IN MISC INTEGRATED LOGISTICS SDN. BHD. ("MILS"), A WHOLLY-OWNED SUBSIDIARY OF MISC, TO SWIFT HAULAGE SDN. BHD. ("SWIFT") FOR A PURCHASE CONSIDERATION OF RM257.2 MILLION ("PROPOSED DISPOSAL")

We refer to the announcement dated 9 May 2016 in relation to the Proposed Disposal.

 

MISC wishes to announce that the Proposed Disposal has been completed on 24 October 2016 (“Completion Date”), upon the satisfaction of all conditions precedent of the Agreement for Sale and Purchase of Shares (“SPA”) and the receipt of the balance purchase consideration and the shareholder’s loan owed by MILS to MISC.

 

In addition, SWIFT will repay other receivables due from MILS to MISC within one (1) year from completion of the SPA.

 

The total proceeds from the disposal are estimated to be up to RM358.0 million, comprising the purchase consideration of RM257.2 million, the shareholder’s loan owed by MILS to MISC of RM66.8 million and other receivables due from MILS to MISC of up to RM34.0 million.

 

Accordingly, MILS ceases to be a subsidiary of MISC with effect from the Completion Date.

 

This announcement is dated 25 October 2016.






Announcement Info

Company Name MISC BERHAD
Stock Name MISC
Date Announced 25 Oct 2016
Category General Announcement for PLC
Reference Number GA1-25102016-00002