PETALING JAYA: ANCOM BHD has proposed to sell a 40% stake in Puncak Berlian Sdn Bhd (PBSB) for RM9.6mil.
In its filing with Bursa Malaysia, Ancom said its wholly owned subsidiary – Redberry Sdn Bhd – had entered into a share sale agreement (SSA) with VGI Global Media (M) Sdn Bhd for the disposal of 6.85 million shares, or a 40% stake, in PBSB, which focuses on the media and advertising business, last week.
The proposal is expected to be completed within three months from the date of the SSA.
Upon completion of the SSA, VGI’s stake in PBSB would increase from 25% to 65%, making it the controlling shareholder of PBSB, whereas Redberry’s stake would be reduced from 70% to 30%.
“The additional investment by VGI Malaysia is expected to further strengthen the media business,” Ancom said.
It noted that the transaction would not have any effect on its share capital.
The deal is also not expected to have any material effect on Ancom’s earnings and net assets for the financial year ending May 31, 2019.