October 28 - MISC, the Malaysian shipping company, has completed the disposal of its entire stake in MISC Integrated Logistics (MILS) to Swift Haulage for MYR257.2 million (USD61.2 million), which means it has effectively exited the logistics business.

In a stock exchange statement, the company said that the disposal was completed upon the satisfaction of all conditions and receipt of the balance purchase consideration and shareholders loan owed by MILS to MISC.

The statement added that Swift will repay other receivables due from MILS to MISC within one year from completion of the sales and purchase of shares agreement, adding that the total proceeds from the disposal are expected to reach to MYR358 million (USD85.1 million).

Established in 2001, MILS offers one-stop logistics services catering to the entire spectrum of our customers logistics needs.