Logos SE Asia, part of the Logos Group, has agreed to take up 3.75m shares valued at RM296.7m (β¬60m) in Global Vision Logistics (GVL), a Malaysian company.
Singapore-listed Aspen Property, which owns a 30% stake in GVL, said in a statement that, post-subscription, Logos would hold around 60% of the issued and paid-up capital of GVL.
Logos declined to comment on the deal.
Aspen said that proceeds for the subscription would be used by GVL for debt restructuring purposes, including settlement of existing banking facilities and redemption of existing redeemable preference shares in GVL.
According to Aspen, GVL has 71 acres in Shah Alam earmarked for an integrated logistics hub project.
βWe are pleased to have Logos as a partner for the project,β said Dato M Murly, Aspen Group president and chief executive officer. βThe logistics and warehousing industry is one of the fastest-growing industries due to the rise in demand from e-commerce business.
βWith Logosβ experience and track record, we are confident of developing a world-class facility to attract a good tenant mix.β
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