In a Bursa Malaysia filing today, Swift said its substantial shareholder Persada Bina Sdn Bhd is disposing 11.16% of its issued share capital or 98.27 million shares to JWD Asian Holding Pte Ltd, a Singapore-based logistics company.

JWD Asian is a subsidiary of JWD Group of Companies, a logistics company based in Thailand that operates in the Asean region.

The disposal price is a 3.3% premium to the company’s closing price of 61 sen last Friday.

In its filing, Swift said it was informed that Persada Bina, which holds 309.62 million shares or a 35.16% stake in the company, had entered into a sale and purchase agreement with JWD Asian for the proposed disposal of the 98.27 million shares.

Following the disposal, Persada Bina will hold a 24% stake while JWD Asian will emerge as a substantial shareholder with an 11.16% interest.

Persada Bina is believed to be the vehicle of Loo Hooi Keat, a non-independent non-executive director and adviser of Swift. His son Loo Yong Hui, the company’s group chief executive officer, has substantial shareholdings in Persada Bina.

Hooi Keat was previously the CEO of Swift and is now acting in an advisory role on the business direction and strategy of the Group. He is also the president and CEO of Pelikan International Corp Bhd and is a director in several other private limited companies.

Investors did not react positively to the news as its shares tumbled 11.5% or 7 sen to 54 sen at the close, valuing the group at RM480.65 million. Some 18.64 million shares were traded by day’s end.

Swift debuted on the Main Market of Bursa on Dec 21, 2021 with an initial public offering (IPO) price of RM1.03. This means it has since fallen 47.57% from its IPO price.

Swift is the country’s fastest growing integrated logistics provider. Its fleet operations in Malaysia and Thailand consist of 1,473 prime movers, 6,137 container/cargo trailers, 63 trucks and 42 compressed natural gas (CNG) tankers.