KUALA LUMPUR: Muda Holdings Bhd
’s indirect 70 per cent owned subsidiary Intrapac (Singapore) Pte Ltd has inked an agreement to dispose of the remaining shares of 84,413 ordinary shares representing 16.88 per cent of the issued and paid-up capital of KL Resources Pte Ltd for a total cash consideration of S$6.71 million (S$1=RM3.44).
In a filing with Bursa Malaysia, the company said the disposal would provide an opportunity for the group to realise its investment at an attractive return and generate funds for working capital.
"Upon completion of the disposal, the group will realise a gain on disposal of approximately RM1.91 million,” it said.
It said the disposal is expected to be completed on a date no later than thirty days from the date of the disposal agreement.
The disposal would not have any material effect on the net assets and gearing of the group for the current financial year ending Dec 31, 2023, it added. - Bernama
