SMTrack sells 31.6% in Smartag International


KUALA LUMPUR: SMTrack Bhd has sold off its remaining 31.61% equity interest in Smartag International Inc (SII) for US$6,000 (RM23,636) on the over-the-counter market in the US on Tuesday.

In a filing with Bursa Malaysia, the track and trace solutions provider said the disposal would enable it to reposition its financial resources and commitments to other business within Malaysia as well as the nearby regions.

In September last year, SMTrack’s equity interest in the US-incorporated SII was diluted from 94.01% to 31.61% as a result of issuance of restricted common stocks in SII to new shareholders. Yap Chee Song becam the biggest shareholder with 42.67% stake.

SII is involved in the information technology and solution in providing food traceability, the radio frequency identification (RFID) solutions, near field communications, track and trace services and micro payment services. 

Save for Yow Lock Sen, who is the chief executive officer and major shareholder of SMTrack and director of SII, none of the director, major shareholders of SMTrack and persons connected to them have any interest, direct or indirect, in the disposal. Yow has no interest, direct or indirect (other than via SMTrack), in the shares of SII.

Earlier this month Yow resigned as managing director, citing health reasons. However, he would remain as CEO for six months pursuant to his employment contract with the company.

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

Did you find this article insightful?

Yes
No

Next In Business News

Sea launches investment arm, expects e-commerce sales to double in 2021
Thai Airways plans slimmer fleet and workforce in turnaround plan
UWC doubles Q2 net profit�
Bioalpha posts RM37.8mil loss in FY20
Grand-Flo buys property assets near Genting Highlands�
Straits associate firm Banle Energy to file for HK IPO
Techfast ventures into petroleum trading, oil bunkering biz
eCurve shopping mall to undergo redevelopment
KLCI stays range-bound, market breadth negative
Bank Negara seen holding key rate as infections slow, Covid-19 vaccination starts

Stories You'll Enjoy


Vouchers