Ta Win to dispose of 32.5% stake in Royce Pharma for RM20.85 mil

KUALA LUMPUR: Ta Win Holdings Bhd has proposed to dispose of its entire 32.5% stake or 3.897 million ordinary shares in Royce Pharma Manufacturing Sdn Bhd for RM20.85mil.

In a Bursa filing, the copper wires and rods manufacturer said its wholly-owned subsidiary Ta Win Copper Biohealth Sdn Bhd has entered into a share sale agreement with Poly Laboratories Sdn Bhd and Jelita Serbaneka Sdn Bhd for the proposed disposal.

Upon completion of the proposed disposal, Ta Win continues to account for investment in Royce Pharma as an associate company via its 1.8 million preference shares.

“The proposed disposal represents an opportunity for Ta Win to dispose of its healthcare and pharmaceutical business segment for a pricing term which is no less than favourable (i.e. the disposal consideration is no less than its original cost of investment) in the current challenging operating environment,” it said.

It added that the proposed disposal is deemed as a strategic reorganisation plan to better realign the vision of Ta Win to become a prominent integrated one-stop copper-solutions provider in the South East Asian region.