LTKM signs agreements to dispose of six subsidiaries for RM158.8mil


KUALA LUMPUR: Chicken egg producer LTKM Bhd has entered into sale and purchase agreements to dispose of its entire equity interest in six subsidiaries to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for RM158.83 million.

In a filing with Bursa Malaysia, the company said the agreements inked today involved the sale of LTK (Melaka) Sdn Bhd for RM100 million, LTK Omega Plus Sdn Bhd for RM13.73 million, LTK Feeds Sdn Bhd for RM4.1 million, LTK Properties Sdn Bhd for RM16.1 million, LTK Development Sdn Bhd for RM19.1 million, and Lumi Jaya Sdn Bhd for RM5.5 million.

LTKSB is owned by LTKM Bhd executive chairman Datuk Tan Kok and his wife Datin Lim Hooi Tin, who is also a director of LTKM.

In April 2022, the company proposed to dispose of its existing chicken egg production business to become an electronic manufacturing services provider.

LTKM said it would acquire the entire equity interest in Local Assembly Sdn Bhd, which makes electronic, electrical and plastic injection moulded components, for RM336 million, to be satisfied by RM100 million in cash and the issuance of 393.33 million new LTKM shares at 60 sen each.

The company also proposed to undertake a special dividend cum capital repayment of RM1.11 per ordinary share in LTKM.

At the close today, LTKM's share price eased one sen to RM1.32 with 33,900 shares changing hands. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Asian shares tentative ahead of U.S. payrolls data, dollar nurses losses
U.S. Fed policy now more hawkish than policy rules suggest is needed
Ringgit opens higher vs US dollar for third day running
Quick take: Ranhill slips despite RM50mil contract win
FBM KLCI slips in early trade on profit taking
Trading ideas: AMMB, QL Resources, KNM, Sime Darby Plantation, Ireka, KPS, Ranhill Utilities
US economy grew slightly, inflation and rates cloud outlook
Wall St preps for year-end stock rally
Loan demand to buoy Malaysia banking sector
Asia factory activity shrinks on lockdowns

Others Also Read