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KUALA LUMPUR: Magna Prima Bhd
has proposed to sell its 100 per cent stake in 33 Sentral Park Sdn Bhd to Glomics Holding Sdn Bhd (GHSB) for RM65 million.
In a filing with Bursa Malaysia today, the property developer said it had inked a sale and purchase agreement with GHSB today, and the proposed disposal is expected to be completed in five months from the date of the agreement.
The group said the exercise is expected to result in a loss on disposal of RM3.73 million for the financial year ending Dec 31, 2023, but it is not expected to have any material effects on the future earnings, net assets and gearing position of the group for the same fiscal year.
“The proposed disposal will enable Magna to exit a business area that is not considered as strategic and synergistic to its other operations in the group and, at the same time, to focus on the group’s core businesses.
“In addition, the proceeds received from the proposed disposal could be reallocated to mainly fund the group’s existing businesses, future business expansions and/or any future prospective businesses,” it said.
Magna Prima said upon completion of the proposed disposal, 33 Sentral Park shall cease to be its subsidiary. – Bernama
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