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.
KUALA LUMPUR: It was in early April 2020 that Datuk Chong Sin Woon was given a hint by his MCA president, Datuk Seri Dr Wee Ka Siong, that he had been nominated for a certain government-linked position.
About two weeks later, the official announcement came, with Chong named as the new Port Klang Authority (PKA) chairman for a two-year term period, effective April 18.
“As a body that regulates the main port in Malaysia, PKA is confident that this appointment will support the role and function of the board in managing and developing the port in a sustainable way, and thus drive the country’s economic growth, ” it said in a statement to herald Chong’s appointment.
The Rasau Water Treatment Plant Stage 1 will be ready by 2024.
WE often take rivers for granted and need to be reminded of the importance of this natural raw water source.
Sungai Klang for instance, stretching some 120km, has been heavily polluted for decades. The river has 13 major tributaries and is the fourth largest river basin in Malaysia.
However, worry not. After decades of neglect, Sungai Klang will be revived and given a new life.
The federal and state governments have also worked closely to restore Sungai Klang, unlocking its full potential for recreational, economic and tourism activities as well as the new raw water source.
The Rasau Water Treatment Plant Stage 1 will be ready by 2024.
We often take rivers for granted and need to be reminded of the importance of the natural raw water source. Sungai Klang for instance, stretching for some 120km has been heavily polluted for decades. The river has 13 major tributaries and is the fourth largest river basin in Malaysia. However, worry not, after decades of neglect, Sungai Klang will be revived and given a new life. The federal and state government have also worked closely to restore Sungai Klang, unlocking its full potential for recreational, economic and tourism activities as well as the new raw water source. The negative perception of Sungai Klang will soon change as it will in the next few years become the new raw water source for our new water treatment plant, serving mainly the Klang and Petaling regions.
The Federal Land Development Authority’s (FELDA) current efforts to reverse its fortunes follows years of financial misadventures, which resulted in accumulated losses of RM10.2 billion during the 2015-2018 period alone. Its experience is, sadly, not unique as other statutory bodies too are wrestling with the results of past mismanagement and failure in oversight.
Lembaga Tabung Haji’s previous net liability position, the Port Klang Free Zone (PKFZ) debacle, National Higher Education Fund Corp’s (PTPTN) management of defaulting borrowers, the cancellation of PR1MA housing projects, Tourism Malaysia’s procurement issues, Civil Aviation Authority of Malaysia’s (CAAM) downgrade by the US Federal Aviation Administration, Majlis Amanah Rakyat’s (MARA) failed investments, and National Water Services Commission’s (SPAN) effectiveness as a regulator following constant water disruptions are just a handful of examples, each one years in the making.