In a filing with the stock exchange, Texchem said the sale to Merieux Nutrisciences Corp was to dispose of a non-core operating subsidiary while unlocking the value of its investment in the company.
"The Disposal will improve the consolidated net assets per share and gearing of the Group as at 31 December 2019," it said in the filing.
The group will recognise a net gain of about RM4.4mil or 3.65 sen a share for the financial year ending Dec 31, 2019.
"The net gain consists of the gain of approximately RM2.3 million on disposal of 51% equity interest in Acumen and the gain of approximately RM2.1 million on re-measurement of 49% retained equity interest in Acumen," it said.
Did you find this article insightful?