Pacific & Orient sells 23.26m Ancom shares for RM57.6m

P&O said the shares were disposed via open market and direct business transactions from Oct 27 to Nov 10.

KUALA LUMUR: Pacific & Orient Bhd and its subsidiary, Pacific & Orient Insurance Co. disposed of 23.26 million Ancom Bhd shares for RM57.63mil.

P&O said the shares were disposed via open market and direct business transactions from Oct 27 to Nov 10.

“The proceeds from the disposal will be utilised to fund P&O group’s working capital,” it said.

The original cost of investment from Aug 26, 1997 to Nov 30, was RM16.44mil.

“The Ancom shares were initially acquired by P&O Group in 1997 as part of the group’s long-term investments.

“P&O has decided to dispose of the Ancom shares to capitalise on the appreciating share price of Ancom shares,” it explained.

It said the expected gain on the disposal to P&O Group for the year ending Sept 30, 2022 is RM7.14mil.

The balance of the Ancom Shares held after the disposal is 23.44 million shares.

Ancom is a diversified group involving in agricultural and industrial chemicals - manufacturing and sale of agricultural and industrial chemicals; provision of pest control, washroom & hygiene, fumigation and space & surface sanitising services.

Other activities are manufacturing and marketing of polymer products; provision of transportation, container haulage, bulk cargo

handling, chemicals warehousing and related services; information technology and provision of digital and out-of-home advertising media space.

Ancom is the holding company of Nylex (Malaysia) Bhd and Ancom Logistics Bhd.