Hong Leong to revamp ceramic tiles ops

  • Business
  • Thursday, 20 Mar 2003

Hong Leong Industries Bhd has proposed undertaking an internal restructuring exercise to streamline the operations of its ceramic tiles division. 

It proposes to transfer its entire equity interest in five subsidiaries to wholly-owned unit Guocera Tile Industries (Kluang) Sdn Bhd for RM42mil.  

The five subsidiaries are wholly-owned Guocera Tile Industries (Kapar) Sdn Bhd, wholly-owned Ceramic Research Co Sdn Bhd, wholly-owned Guocera Marketing Sdn Bhd, 70%-owned Guocera Tile Industries (Labuan) Sdn Bhd and 64%-owned Guocera Tile Industries (Meru) Sdn Bhd. 

Hong Leong Industries also proposes to transfer Guocera Tile Industries (Kluang)'s business of manufacturing and sale of ceramic tiles and assets, excluding land and building, to Guocera Tile Industries (Kapar) for a sum equivalent to the unaudited net tangible assets (NTA) of the business and assets as at March 31, 2003. 

Hong Leong Industries said the transaction would not have any material impact on the NTA and earnings per share of the group for the financial year ending June 30, 2003. 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Business News

Ringgit slips on resurgence of Covid-19 cases
Quick take: Malayan Cement shares fall on news of private placement
RHB lowers target price on Bursa Malaysia on normalising trading value
Quick take: WZ Satu jumps 31% to highest in 17 months
Slight profit-taking weighs on FBM KLCI
Trading ideas: Paramount, UMW, WZ Satu, Malayan Cement
City of London Brexit hit worse than expected
Multiple US trade partners risk 'manipulator' label in Yellen's first currency report
Oil price up to fresh 4-week highs as demand outlook improves
GLOBAL MARKETS-World stocks rally as Treasury yields tumble

Stories You'll Enjoy