The Malaysian shipping company MISC Bhd sold its logistics subsidiary MISC Integrated Logistics Sdn (MILS) to Swift Haulage Sdn for 63.53 million USD cash plus settlement of bank loan amounting to 16.6 million USD and receivables in the amount of 8.45 million USD. The total value of transaction amounts to 89 million USD, while the logistics business was valued on 63.93 million USD based on audited net assets as at Dec 31, 2015. The logistics segment contributes only about 4% to revenue of MISC. According to one report, the segment is valued at only six sen to MISC’s share price based on a sum-of-parts valuation.

“In view of the repayment of the loan and other receivables, the total income from the transaction will be MISC 89 million USD”, said MISC in official statement.

MILS was formed in 2001, its specialty is the integrated logistics service that includes forwarding organization and delivery of goods and services of dry and refrigerated warehouse, repair and storage of containers. The company’s assets include more than 200 trucks, 800 trailers and warehouses in Malaysia, with a total area of ​​65 thousand sq m.