Atlan proposes to divest London subsidiary to chairman for RM8.24mil

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KUALA LUMPUR (Sept 17): Atlan Holdings Bhd is divesting a wholly-owned subsidiary which owns a property in London, UK, to its Chairman and Non-independent Non-executive Director Datuk Seri Adam Sani bin Abdullah, for GBP1.6 million cash (RM8.24 million).

In a statement to Bursa Malaysia, Atlan said it has entered into a share sale agreement with Adam Sani, to dispose of its entire equity interest in Seven Wonders Of The World Sdn Bhd (SWWSB).

SWWSB owns a flat in Praed Street, London, which it acquired in March 2012 for RM7.07 million. It doesn’t own any other assets.

Atlan said the proposed disposal represents an opportunity for Atlan to realise its investment in SWWSB, in line with the group’s strategy.

The firm added that proceeds from the proposed share sale will be utilised to provide a fresh injection of funds to complement the group's working capital.

Upon completion of the proposed share sale, the group is expected to realise a net gain on disposal of approximately RM1.05 million.