PETALING JAYA: Dialog Labuan Ltd (DLL), an indirect subsidiary of Dialog Group Bhd
, has agreed to dispose of its entire 60% equity stake in Saudi Arabia-based Dialog Jubail Supply Base Co Ltd (DJSB) to Sedres Trading & Maritime Services Co Ltd (Sedres).
The deal will be worth a total cash receipt of 47.5 million riyals, or RM55mil, comprising of a sale consideration of three million riyal and dividends of 44.5 million riyals to be received prior to the completion of the transaction.
DJSB is principally involved in the provision of logistic services of a supply base and trading of base oil in Saudi Arabia.
DLL and Sedres are shareholders in DJSB holding equity stakes of 60% and 40%, respectively, with the latter also a Saudi Arabia-incorporated entity.
In a filing with Bursa Malaysia, Dialog said the business landscape is evolving in the Jubail Port area.
