Hap Seng to dispose of stakes in two units

KUALA LUMPUR: Hap Seng Consolidated Bhd (Hap Seng) plans to dispose of its 100 per cent interest in HSC Sydney Holding Ltd and a 20 per cent stake in Hap Seng Credit Sdn Bhd, for RM771.16 million and RM906 million respectively, to Lei Shing Hong Capital Ltd.  

In a filing with Bursa Malaysia today, Hap Seng said the disposal of HSC Sydney would enable the company to pare down borrowings and channel part of the proceeds towards working capital requirements.

“The proposed 20 per cent shares disposal in Hap Seng Credit gives us an opportunity to bring in a strategic business partner with diversified business operations to enhance the expansion of Hap Seng Credit's credit financing business.

“The proposed disposals are expected to be completed by the second quarter of 2018,” it added.

Hap Seng will seek shareholders approval for the disposals during an extraordinary general meeting on May 30. - Bernama

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