<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 3): Goodway Integrated Industries Bhd is disposing of its wholly-owned tyre retreading unit, Big Wheel Green Tyres Sdn Bhd (BWGT), for RM19.65 million.</p></div>

<div class=newsTextDataWrapInner><p>The purchaser, CK Rubber Industries Sdn Bhd, will pay a cash sum RM2.68 million and assume liabilities totalling RM16.97 million, Goodway said in a filing with Bursa Malaysia.</p></div>

<div class=newsTextDataWrapInner><p>It added that the disposal is expected to result in a loss of RM5.61 million for the group.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Goodway&nbsp;said it will use RM2.48 million of the RM2.68 million cash proceeds for working capital, and the balance to defray expenses associated with the deal.</p></div>

<div class=newsTextDataWrapInner><p>Once the sale is complete, BWGT will cease to be a subsidiary of Goodway.</p></div>

<div class=newsTextDataWrapInner><p>It said BWGT, which was acquired in 2005, has been registering a net loss for the past three financial years.</p></div>

<div class=newsTextDataWrapInner><p>“The proposed disposal is part of the streamlining exercise of Goodway Group to divest its loss-making and non-contributing subsidiary,” the group added.</p></div>

<div class=newsTextDataWrapInner><p>The sale is subject to the approval of shareholders and relevant authorities.</p></div>

<div class=newsTextDataWrapInner><p>Goodway’s share price closed 1.5 sen or 8.57% lower at 16 sen today, valuing the group at RM19.45 million.</p></div>


KUALA LUMPUR (Sept 3): Goodway Integrated Industries Bhd is disposing of its wholly-owned tyre retreading unit, Big Wheel Green Tyres Sdn Bhd (BWGT), for RM19.65 million.

The purchaser, CK Rubber Industries Sdn Bhd, will pay a cash sum RM2.68 million and assume liabilities totalling RM16.97 million, Goodway said in a filing with Bursa Malaysia.

It added that the disposal is expected to result in a loss of RM5.61 million for the group.

Goodway sells tyre retreading business for a loss

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