KUALA LUMPUR: Johan Holdings Bhd
expects to recognise net gain of RM25.54mil from the sale of 66.08% of Singapore-listed Jacks International Ltd.
It said on Tuesday it was selling the 19.82 million shares at 80 Singapore cents each for a total sale consideration of S$15.86mil (RM48.72mil) to Creative Elite Holdings Ltd.
“The original cost of investment of the sale shares in Jacks International was RM13.57mil which was made on July 1, 1987,” it said.
Johan Holdings said the proposed disposal was in line with the measures implemented by the board to divest non-core business and loss making subsidiaries which have negative impact on the profitability.
Jacks International was incorporated in Singapore on Dec 19, 1979 and was listed on the Main Board of the Singapore Exchange Securities Trading Ltd. It is principally engaged in investment-related activities and its operating units are in the business of distribution and retailing of health foods and supplements in Singapore and Brunei.
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