Nova MSC sells majority stake in PrimusTech

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: Nova MSC Bhd is disposing a 51% stake in loss-making wholly-owned subsidiary, PrimusTech Pte Ltd, to JAG Ltd of Japan for RM8.9mil.

In a filing with Bursa Malaysia, Nova MSC said it inked an agreement today to sell 31,875 shares in Singapore-based PrimusTech to JAG.