Chasen Holdings has confirmed the sale of a group of its logistics subsidiaries to Switzerland's Kuehne + Nagel for $67.4 million and will pocket a net proceed of $57.2 million.
Chasen first flagged the possible sale, which consists of operating entities in Malaysia, Vietnam, Thailand and China last December.
On a pro forma basis, Chasen's NTA as at March 31 2023 would be 25.49 cents per share, versus the actual 15.4 cents reported.
Chasen believes that the sale is "in the best interest" of itself and to unlock shareholders' value.
"It is also in line with the company’s strategic plan to rationalise its investments."
The deal will be put before shareholders at an EGM for their approval.
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Chasen shares last traded at 9.4 cents before trading was halted ahead of the announcement.
