New Straits Times

Hong Seng disposes 35pc stake in Pantasniaga for RM24mil

11 days ago

KUALA LUMPUR: Hong Seng Consolidated Bhd's (HSC) wholly-owned subsidiary, HS Bio Sdn Bhd (HS Bio), recently signed a share sale agreement with Nexterra Sdn Bhd (NSB) to dispose of a 35 per cent stake in Pantasniaga Sdn Bhd (PSB) for RM24 million. A filing with Bursa Malaysia showed that HS Bio's shareholdings in PSB will be reduced from the current 51 per cent to 16 per cent upon completion of the disposal. The disposal is expected to generate an estimated gain of approximately RM20 million for HSC.HSC executive director and HS Bio director Christopher Chan said the disposal is viewed as a positive move that provides a timely opportunity for HSC to immediately unlock and realise the value of the investment and assets in PSB.