Kuala Lumpur: Malaysian state-owned shipping company MISC has terminated its plans to sell its subsidiary MISC Integrated Logistics (MILS) to Golden Age Logistics (GAL).
“GAL was not able to fulfill its obligations for completion as stipulated in the Agreement for Sale and Purchase of Shares,” MISC said in an exchange filing today.
GAL, part of Malaysia’s Utusan Printcorp, and MISC agreed a RM 25m ($6.7m) cash consideration for the business unit on March 21, 2014.
“MILS will remain as a wholly-owned subsidiary of MISC going forward,” the shipping company said. [15/01/15]