Swift Haulage to dispose of industrial state lease land in Klang for RM38.36 mil

• Swift Haulage said the exercise provides an opportunity to unlock and realise the value of the property, which represents part of its non-core assets, whilst providing a surplus cash flow arising from the sale of the property.

KUALA LUMPUR (Aug 16): Swift Haulage Bhd has announced that it is disposing of a 4.816-hectare piece of land in Klang, Selangor for RM38.36 million.

This comes after Sentiasa Hebat Sdn Bhd, an indirect wholly owned subsidiary of Swift Haulage, entered into a sale and purchase agreement with TPC Land Sdn Bhd for the disposal of the piece of industrial land held under state lease located in Bandar Sultan Sulaiman, Klang.

In a Bursa Malaysia filing, Swift Haulage said the exercise provides an opportunity to unlock and realise the value of the property, which represents part of its non-core assets, whilst providing a surplus cash flow arising from the sale of the property.

Subsequently, Swift Haulage intends to utilise the proceeds from the proposed disposal for repayment of borrowings upon completion of the exercise, which is expected to be in the second quarter of 2023.

Swift Haulage's share price settled 2.68% or 1.5 sen higher at 57.5 sen on Tuesday (Aug 16), bringing a market capitalisation of RM511.6 million.