KUALA LUMPUR, Dec 10 — DRB-Hicom Bhd is planning to dispose the entire issued and paid-up share capital of KL Airport Services (KLAS) Sdn Bhd and a parcel of industrial land in Shah Alam, Selangor to POS Malaysia Bhd for RM835.16 million.
It explained that the total consideration for the entire issued and paid-up share capital of KLAS, held by its wholly-owned unit, Hicom Holdings Bhd was RM766.16 million.
“As for the 4.01 hectare of industrial land located in Pekan Hicom, District of Petaling, Selangor, which is beneficially held by DRB-Hicom’s wholly-owned unit, Hicom Indungan Sdn Bhd. The disposal consideration is RM69 million,” the company said in a filing to Bursa Malaysia today.
The proposed disposals would allow DRB-HICOM to streamline and improve the operational efficiency and enhance synergies between the postal and logistics businesses, which is currently managed under Pos Malaysia and the KLAS Group, respectively.
The plan is to consolidate the logistics business under Pos Malaysia.
“The proposed disposals are also expected to improve the medium to long-term earnings potential of Pos Malaysia and its subsidiaries.
“This will not change the existing postal businesses of Pos Malaysia but will complement and strengthen the ecosystem of the logistic businesses of Pos Malaysia and the DRB-HICOM group of companies.