Tuesday, November 8, 2011

Complete Logistic to buy remaining Guper stake for RM13.6m

KUALA LUMPUR (Nov 8): COMPLETE LOGISTIC SERVICES BHD [] (CLSB) has proposed to acquire the remaining 40% stake in its subsidiary Guper Integrated Logistics Sdn Bhd for RM13.60 million cash.

CLSB said on Tuesday, it would acquire 1.20 million Guper shares from the vendors RM13.60 million cash through internally-generated funds and/or borrowings, if required.

At present Guper is a 60.0%-owned subsidiary and upon completion of the proposed acquisition, Guper will be a unit of CLSB.

'As the business of Guper is already on-stream, the Proposed Acquisition is not expected to give rise to any additional financial commitment from CLSB other than the consideration to be satisfied through borrowings, if any,' it said.

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