Swift Haulage acquires Sabah-based logistics firm
03 May 2023
SWIFT Haulage Bhd has acquired a Sabah-based shipping agency to increase its presence in East Malaysia.
In an exchange filing yesterday, the logistics services provider said its wholly owned subsidiary Swift Integrated Logistics Sdn Bhd (SILS) will pay RM1.4 million for the entire stake in Standard Marine Agencies (Sarawak) Sdn Bhd (SMA).
SMA, principally involved in shipping agency services and handling of cargoes, was owned by Chow Yang Ann and Nancy Ng Fui Fong, according to the filing.
Swift said the growth on the Borneo Island is anticipated to accelerate in the near future primarily driven by the investments in infrastructure and its richness in natural resources.
Swift shares were trading at 48 sen at 12.05pm today, down five sen from yesterday’s close, valuing the company at RM423 million.
Source: The Malaysian Reserve