Quick take: Johan rises 9% on disposal of Diners Club in Singapore


KUALA LUMPUR: Shares in Johan Holdings Bhd jumped over 9% in early trade on its proposed disposal of loss-making Diners Club business in Singapore.

The counter rose 9.3%, or two sen to 23.5 sen, its highest in over a week with 4.89 million shares traded.

Johan has proposed to divest its entire stake in loss-making Diners Club (Singapore) Private Ltd (DCS) for a disposal consideration of S$103.59mil (RM313.98mil).

Johan said it was expected to realise a gain of S$62.12mil from the proposed disposal of its entire interest in the company that provides charge card and credit card services.

Upon completion of the proposed disposal, Johan said the intention of the group is to carry on with its remaining business segments.

Johan said the company may potentially diversify into a new business venture/ investment, which is in the manufacturing and marketing of gloves and other healthcare-related products, subject to necessary approvals being obtained.

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