KUALA LUMPUR: Oil and gas fabricator PFCE Bhd has sold its 65% stake in PFCE Offshore Worldwide Sdn Bhd (POW) to Calgary Global Group Ltd for RM1.
“The disposal is in line with the overall objective of the group to streamline its operations by disposing of non-active assets and to continuously attempt to enhance shareholders’ value,” PFCE said told Bursa Malaysia.
The disposal will result in an estimated gain of RM23.43mil or about 25 sen per PFCE share for the financial year ending June 30, 2014, after taking into consideration the write-off of the amount owed by POW to the company.
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