KUALA LUMPUR: Swift Haulage Bhd has proposed to acquire the entire interest in Watt Wah Petroleum Pte Ltd for S$1.6mil (about RM5.17mil) to expand its presence in Singapore.
The country’s largest haulier and leading integrated logistics service provider said it had entered into a binding offer (BO) with DLT Enterprise Pte Ltd (DLT) for the proposed acquisition.
Watt Wah is principally involved in chartering, forwarding and transporting petroleum products. It has more than 20 years of experience in oil and gas logistic services, servicing all the oil majors as well as commercial customers.
“This proposed acquisition comes at an opportune time and is a strategic move to expand our presence to Singapore. Singapore is and has been a major trading hub for the region and we see opportunities to expand our services once the acquisition is completed,” group chief executive officer Loo Yong Hui said in a statement.
“In-line with Swift’s strict criteria of assessing potential M&As. Watt Wah will be a perfect fit for the Group and will bring more than 20 years of excellence and expertise in the haulage of petroleum products.
“We are excited for the opportunities that this acquisition will bring as we create a foothold in Singapore. This is a synergistic move that will complement our inland distribution, cross border, and freight forwarding segments,” he said.