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KUALA LUMPUR: Hong Seng Consolidated Bhd has proposed to dispose of 35% stake in Pantasniaga Sdn Bhd for RM24mil cash.
In a filing with Bursa Malaysia, Hong Seng said its wholly-owned subsidiary, HS Bio Sdn Bhd had entered into a shares sale agreement with Nexterra Sdn Bhd for the disposal of 35,000 ordinary shares or 35% equity interests in Pantasniaga.
HS Bio’s shareholdings in Pantasniaga, a life science healthcare solution provider, will be reduced to 16% from the current 51% upon completion of the proposed disposal.
“The proposed disposal is expected to generate an estimated gain of approximately RM20mil to the group,” it said in a statement.
Hong Seng executive director and HS Bio director Christopher Chan said: “The proposed disposal is viewed as a positive move that provides a timely opportunity for the group to immediately unlock and realise the value of the investment and assets in Pantasniaga.”
“The proceeds received from the said disposal could be reallocated to mainly fund the group's existing businesses and/or any future prospective businesses. The group’s existing businesses include gloves, nitrile butadiene latex, integrated logistics services and financial services businesses,” he added.