-- Shares of container haulage company Swift Haulage Bhd soared as much as 8.3% to hit its intraday high of 58.5 sen in the morning session on Tuesday, following news that Thailand-listed SCGJWD Logistics PCL (SJWD) will emerge as a substantial shareholder with 20.44% equity interest.
SJWD, via its wholly owned subsidiary Singapore-based logistics company JWD Asia Holding Pte Ltd, announced on Monday (Feb 5) that it is acquiring the 20.44% stake from Persada Bina Sdn Bhd, Kumpulan Wang Persaraan (Diperbadankan), Kenanga Private Equity Sdn Bhd, Angka Dayamas Sdn Bhd and an individual by the name of Ng Chee Kin, at a price of 63 sen per share, or a total of RM113.4 million.
The proposed acquisition is expected to be completed on Feb 22. In a statement on Tuesday, Swift Haulage said the strategic acquisition by SJWD solidifies a partnership that will allow Swift Haulage to leverage and capitalise on the Thai logistics group’s extensive and wide network across the Asean region and China.
“This partnership will allow Swift Haulage to expand its geographical footprint and immediately establish a strong presence that will serve as a platform to aggressively grow its intra-Asia service offerings to existing and new customers,” it added.
“Our partnership with SJWD is a strategic move to bolster our integrated logistics services capabilities and tap into their expertise especially in cold chain and automotive logistics. With their established presence and network throughout Asia, we are well-positioned to aggressively grow our service offerings and volume. This collaboration marks a pivotal moment in our expansion journey, and we look forward to the mutual benefits it will bring,” Swift Haulage group chief executive officer Loo Yong Hui said.
“SJWD’s comprehensive network and best-in-class cold chain and auto logistics capabilities, coupled with its proficiency in navigating diverse markets, aligns with Swift Haulage’s vision to become a regional logistics powerhouse. The partnership aims to promote knowledge transfer for the cold chain and auto logistics whilst streamlining cross-border logistics and operations providing clients with enhanced services, increased efficiency, and a broader geographic reach.”
He believes that Swift Haulage’s dominance in Malaysia, coupled with SJWD’s established presence in the Asean region and China, aligns seamlessly with its growth strategy. “This partnership propels us into a position of strength, enabling us to provide unparalleled logistics solutions across the region. We are excited about the opportunities this collaboration presents for our clients and stakeholders.”
Swift Haulage’s stock ended the day 2.5 sen or 4.63% higher at 56.5 sen, with 12.81 million shares changing hands. Its market capitalisation stood at RM502.9 million. Its share price has slipped 0.88% so far this year, but is up 13% over the last one year.
