MUI sells 5.57% stake in PMC for RM6.45mil

KUALA LUMPUR: Malayan United Industries Bhd (MUIB) has disposed of a 5.57% stake in Pan Malaysia Corp Bhd (PMC) for RM6.45mil.

In a filing with Bursa Malaysia, MUIB said its wholly-owned subsidiary, Oriental OmegaSdn Bhd (OOSB) had disposed of its 43 million shares or 5.57% in PMC to Fortress Opportunistic Growth Fund.

Following the disposal, MUIB and its subsidiaries now hold a total of 428.14 million shares, representing 55.5% equity interest in PMC.

“The disposal would allow MUIB Group to strengthen its financial position arising from the disposal consideration,” it said, adding that the disposal consideration would be utilised for working capital purposes.

MUIB said the disposal consideration was arrived at on a willing-buyer, willing-seller basis after taking into consideration the cost of investment of OOSB in PMC as well as the net asset per share of RM0.33 as reported in PMC’s audited financial statements for the financial year ended June 30, 2021.

“Based on the carrying value as at June 30, 2022, the disposal consideration is expected to result in a one-off expected net loss on disposal of approximately RM7.053mil,” it said.