PETALING JAYA: Puncak Niaga Holdings Bhd
’s wholly-owned subsidiary, TRIplc Bhd, has entered into a share sale agreement on Aug 21, 2024 with Jinze Sdn Bhd for the disposal of 202,500 ordinary shares representing 4.5% equity interest in Zuriat Watan Sdn Bhd (ZWSB) for a disposal price of RM3.58mil.
In a filing to Bursa Malaysia, Puncak Niaga said TRIplc had also entered into a separate share sale agreement on Aug 27, 2024 with Leeway Holdings Sdn Bhd, DB Enneadrakon Group (M) Sdn Bhd and Sheng Dar Holding Sdn Bhd.
The agreement was for the disposal of 4.3 million ordinary shares representing 95.5% equity interest in ZWSB for a disposal price of RM80mil, totaling both proposals at RM83.62mil.
The first proposal is expected to be completed by the third quarter of 2024 while the second proposal in the fourth quarter of 2024.
Puncak Niaga said the proposed disposals are part of its strategy to monetise its non-core assets, to ease the cash flow of the group.
The funds will be used for financial obligations, general working capital and for expenses related to the disposals.
“The proposed disposals will not have any effect on the issued share capital and the substantial shareholders’ shareholding as it will be fully satisfied in cash and not involve the issuance of new shares.”
