Following the proposed IPO, while Kwap would remain as a substantial shareholder, its shareholding in Swift Haulage will be diluted to 9.12%.
PETALING JAYA: Swift Haulage Bhd, in which the Retirement Fund Inc (Kwap) has a 13.61% stake, will only be offering 2% of its enlarged share base to the Malaysian public in its upcoming initial public offering (IPO) on the Main Market.
The bulk of the logistic company’s shares will be snapped up by institutional funds and persons related to the company, based on information in the company’s draft prospectus found on the Securities Commission’s website.
The proceeds from the proposed IPO will go towards the construction of a new warehouse in Port Klang Free Zone, the acquisition of 30 units of prime movers and the purchase of land for future expansion.
Introduction
A separate legal entity – or rather, a corporate veil – exists to separate a corporate entity from its incorporators upon incorporation. Citing the century-old case
Solomon v A Solomon & Co Ltd,(1) Justice Nallini Pathmanathan stated the following in
Ong Leong Chiou v Keller (M) Sdn Bhd:(2)
The juristic principle comprising the bedrock of company law is the legal fiction that on incorporation, the corporate entity is clothed with a separate and distinct personality. It is a legal person distinct from its members.(3)
It is also well established that the corporate veil can be lifted or pierced when the corporation is used for fraudulent, dishonest and unlawful purposes.
has entered into a term sheet for the proposed acquisition of a 51% stake in a new special purpose vehicle (SPV) to undertake solar renewable energy projects in Malaysia.
The identified business and identified assets of Solar Bina Engineering Sdn Bhd valued at RM41.5mil, will be injected into the target company by Eric Lee Seng Chi, the sole shareholder and managing director of Solar Bina.
According to the filing with Bursa Malaysia, Solar Bina is currently involved in the provision of implementation of solar photovoltaic projects for residential, commercial and industrial properties and large scale solar PV plants.
This includes the supply and installation of solar mounting system and other engineering works involving civil, structural, mechanical and electrical engineering works.
To print this article, all you need is to be registered or login on Mondaq.com.
Striking off is one of the processes available under the
Companies Act 2016 for the dissolution of a company. When a company
becomes dormant, and directors do not wish to continue incurring
costs for its upkeep, striking off can be fast, straightforward and
cost-effective. This article will set out the requirements and
procedures by the Companies Act 2016, as well as the Companies
Commission of Malaysia, for the striking off of a company which is
not carrying on business or is not in operation
1.
Who can initiate the striking off process under section