PCCS major shareholders buying out unit

An automated embroidery machine at the PCCS plant in Batu Pahat. - File pic

PETALING JAYA: The major shareholders of PCCS Group Bhd, via CCSB Sdn Bhd, are buying out non-earnings accretive wholly-owned subsidiary Mega Label (M) Sdn Bhd (MLMSB) and Mega Label (Penang) Sdn Bhd for RM8.5mil.

This disposal will result in a one-off gain of RM6.26mil and also see PCCS’ cash level increasing by RM38mil, the textile firm said in a statement.