Integrated Logistics Bhd announced that its indirect 70%-owned subsidiary, Integrated Logistics (HK) Ltd (IL HK) has agreed to dispose of its entire equity interest in ISH Logistics (Shenzhen II) Ltd (IL Shenzhen) and Integrated Logistics Henan (HK) Ltd (IL Henan) to Winfair International Holdings Ltd for 988m yuan (RM519.3m). Integrated Logistics is expected to record a pro forma gain of RM178m from the disposals. It plans to use the proceeds for strategic acquisitions within the same industry.
Winfair International is a subsidiary of C.J.H. Investment Co Ltd, which has guaranteed the performance of the purchaser's obligations under the agreement. IL HK proposed to dispose of 40m shares in IL Shenzhen for a cash consideration of 843m yuan, and one share in IL Henan for 155m yuan cash. (Starbiz)