KUALA LUMPUR: Swift Haulage Bhd's subsidiary Swift Integrated Logistics Sdn Bhd is acquiring KP Depot Services Sdn Bhd for RM11 million.

In an exchange filing today, Swift Haulage said it had entered into a memorandum of understanding (MoU) with the sellers Sowatech Sdn Bhd and KP Port Services Sdn Bhd on the acquisition.

"The entire stake in KP Depot is propose to be valued between RM9 million and RM11 million. The purchase price will be fully satisfied by way of cash payment," Swift Haulage said in a statement.

Swift Haulage said the MoU would not have any effect on the issued share capital and substantial shareholders' shareholdings of the company.

"The MoU will not have any effect on the company's earnings per share, net assets per share and gearing for the financial year ending December 31, 2022.

Swift Haulage added that the acquisition would not require any approval of shareholders or any relevant authorities.