PETALING JAYA: MISC Bhd’s unit MISC Enterprises Holdings Sdn Bhd (MEH) is disposing its 25% stake in Trans-Ware Logistics (Private) Ltd (TWL) to John Keells Holdings PLC (JKH) for RM4.2 million.
The move follows one in late September when it announced plans to exit the tank terminal business by disposing of its 45% stake in Centralised Terminals for RM193 million.
TWL is a joint venture between MEH, Keppel Logistics Pte Ltd and JKH. Initially formed in 1994 to manage an inland container depot in Sri Lanka, TWL discontinued its container storage and transport operations in November 2006.
MISC told the stock exchange today, MEH has entered into a share sale and purchase agreement with JKH and Keppel for the stake disposal, comprising 5.5 million shares.
Keppel will also divest its entire 25% shareholding in TWL to JKH for the same consideration.
Upon the completion of the proposed disposal, TWL will cease to be an associated company of MISC.
MISC said the consideration for the sale shares arrived on a ‘willing-buyer willing-seller’ basis after taking into consideration the unaudited net assets of TWL as at July 31.
The proposed disposal is expected to be completed in two months.
MISC slipped 0.86% to RM6.95 today with two million shares traded. Year-to-date it has lost 5.4% of its share price.