PETALING JAYA: Shares of Protasco Bhd
fell 2.78% to 35 sen, after the company announced it was disposing of its university unit Ikram Education for RM30mil.
Protasco announced on July 21 that its wholly-owned subsidiary, Kumpulan Ikram Sdn Bhd, had entered into a share sale agreement with Star Teenagers International Sdn Bhd to dispose of 20 million shares in Ikram Education Sdn Bhd (IESB).
This represents a 100% equity interest in the company.
“The proposed disposal of IESB provides an opportunity for the company to unlock and monetise its investment in IESB, taking into consideration that the operations of IESB are not considered an essential segment of Protasco and its subsidiaries,” it said in a filing with Bursa Malaysia
Protasco said the net proceeds from the proposed disposal will be utilised as working capital for the group.
