KUALA LUMPUR: Star Media Group's wholly-owned subsidiary Impian Ikon (M) Sdn Bhd is disposing of its entire stake in Leaderonomics Sdn Bhd for RM5.65mil cash.
The group said in a filing with Bursa Malaysia that it had signed a share sale agreement to dispose of its 51% stake in the human capital development company to Leaderonomics Capital Sdn Bhd.
"Upon completion of the Disposal, Leaderonomics will cease to be a direct subsidiary of Impian Ikon and a sub-subsidiary of Star.
"Accordingly, the subsidiaries of Leaderonomics namely Leaderonomics Media Sdn Bhd, Leaderonomics International Sdn Bhd and Leaderonomics Good Monday Sdn Bhd shall also cease to be subsidiaries of Star."
The group said the disposal is in line with its intention to divest assets that do not contribute significantly to the group's financials, while the proceeds of the disposal will go towards working capital.