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.