Muar Ban Lee sells entire stake of unit to XOX

XOX is a unit of XOX Bhd which is principally involved in investment holding, a circular to the Bursa Malaysia said.

PETALING JAYA: Muar Ban Lee Group Bhd (MBL) is selling its entire stake in its wholly owned unit Theron to XOX (Hong Kong) Ltd for RM19.25mil.

XOX is a unit of XOX Bhd which is principally involved in investment holding, a circular to the Bursa Malaysia said.

Theron, which is an investment holding company holds 98.09 million shares of Symphony Life Bhd.

“In this respect, the MBL group is expected to record a net pro forma gain on disposal of approximately RM48.89mil which expected to increase the net assets and earnings of the group,” it said.