PCCS buys 15% more stake in Southern Auto

KUALA LUMPUR: PCCS Group Bhd has acquired an additional 18.8 million shares, or 15% equity interest, in Southern Auto Capital Sdn Bhd (SAC), a subsidiary of the company for RM18mil.

In a filing with Bursa Malaysia, PCCS said the subscription would increase its equity participation from four million shares to 22.8 million shares, representing 95% of the total issued share capital of SAC.

PCCS said the subscription of additional shares arrived after considering the business loan size of RM35mil, the audited net tangible asset of SAC of RM6mil as at March 31 and SAC’s existing banking facilities.