This article first appeared in The Edge Financial Daily, on May 10, 2016.

KUALA LUMPUR: MISC Bhd expects to see proceeds of up to RM358 million from the disposal of its entire stake in MISC Integrated Logistics Sdn Bhd (Mils) to Swift Haulage Sdn Bhd, and the settlement of a shareholder’s loan and other receivables due, by Mils.

In a bourse filing yesterday, the shipping giant said Swift will also assume all Mils’ liabilities.

MISC entered into an agreement for the sale and purchase of shares (SPA) with Swift yesterday for the disposal of 20 million Mils shares and 332.85 million redeemable convertible preference shares, all at RM1 each.

MISC said the purchase consideration was arrived at after taking into consideration Mils’s audited net assets of RM255.5 million as at Dec 31, 2015.

Swift will fully repay the RM66.8 million shareholder’s loan (denominated in US dollar) owed by Mils to MISC, upon completion of the SPA, and other receivables due to MISC of up to RM34 million.

“Including the repayment of the shareholder’s loan and the other receivables due from Mils to MISC, the total proceeds from the proposed disposal are estimated to be up to RM358 million,” it added.

MISC, a 62.7%-owned subsidiary of Petroliam Nasional Bhd, said the proposed disposal, which will not impact its earnings, gearing and net assets for the financial year ending Dec 31, 2016, is not subject to the approval of its shareholders.

MISC shares fell RM1.09 or 13.07% to close at its 15-month low of RM7.25 yesterday, making it the top loser across the exchange. The current price gives it a market value of RM32.36 billion.