Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on October 4, 2018

KUALA LUMPUR: PRG Holdings Bhd has sold a 12% stake in Hong Kong-listed Furniweb Holdings Ltd to independent third parties for HK$30.24 million (RM15.96 million) or HK$0.50 per share.

This brings PRG’s shareholding in Furniweb to 63% from 75% previously.

PRG said the disposal enables it to rationalise its investment in Furniweb and use the proceeds for expansion into healthcare division and for working capital.

In a filing with Bursa Malaysia yesterday, PRG said it has disposed of 60.48 million shares, or a 12% stake, to independent third parties at HK$0.50 per share, which is 34% above the net tangible assets per share of HK$0.37 of Furniweb based on the unaudited interim financial statements for the six months ended June 30, 2018.

The group will recognise a gain of about RM4.82 million from the sale, as the shares were bought for RM11.14 million on Oct 1, 2017.

Furniweb, which is engaged in the manufacturing and sale of elastic textile and webbings, is currently listed on the GEM of the Hong Kong stock exchange.

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