KUALA LUMPUR: Green Packet Bhd
(GPB) has entered into a share sale agreement (SSA) to dispose of 100 per cent equity interest in Oasis Capital Investment Bank Ltd (OCIB) to WKJ Capital Equity Sdn Bhd for RM23 million cash.
GPB is a global technology company while WKJ Capital Equity was incorporated as a private limited company in Malaysia, the principal business of which is investment holding.
In a Bursa Malaysia filing today, GPB said the disposal is not subject to the approval of its shareholders but subject to the approval from the Labuan Financial Services Authority (FSA).
"The proceeds received from the disposal will be mainly used for working capital purposes for the group’s existing core businesses particularly fintech and communication businesses and to fund for any future business expansions and/or any future prospective business, project and/or acquisitions," it said.
The board of directors believes that the prospects of the company remain positive and the disposal shall improve cash flow position and reduce bank borrowings as the proceeds can be utilised as working capital to fund the existing core businesses.
"The disposal is expected to be completed in the second quarter this year where all conditions precedent is fulfilled,” added GPB. - Bernama
