KUALA LUMPUR (Dec 9): Abric Bhd shareholders today approved the disposal of the group's core business in security seal production to UK-listed Essentra plc for RM146 million.

The business will be disposed after Abric acquires the remaining 40 per cent stake in Abric Eastern International Ltd  from Thailand-based Vitoorapakorn Holdings Co Ltd.

Both proposals were approved at Abric's extraordinary general meeting (EGM) today.

Speaking to reporters after Abric's EGM, Abric executive chairman Datuk Ong Eng Lock said now that both proposals had obtained shareholders' approvals, the corporate exercises were expected to be completed next Tuesday (Dec 16).

He said Abric had 12 months to find a new core business but declined to elaborate on the potential sectors being explored.

"We are looking at various opportunities, which could also be regional. I cannot divulge further, but of course the business has to be scalable and profitable," he said.

Abric shares rose 0.5 sen or 0.8% at 12.30pm to 64.5 sen for a market capitalisation of RM64.6 million.

The stock had jumped 122% this year, outperforming the FBM KLCI's 7% decline.