KUALA LUMPUR: Thong Guan Industries Bhd
(TGIB) today entered into a conditional share sale agreement with Foremost Equals Sdn Bhd (FESB) to sell its entire 100 per cent stake, consisting of 3,735 ordinary shares in Syarikat Thong Guan Trading Sdn Bhd (STGT), for RM60 million.
The proposed disposal is regarded as a related party transaction in view of the interests of certain directors and major shareholders of TGIB in the sale as FESB is a major shareholder of TGIB.
In a filing with Bursa Malaysia, it said MainStreet Advisers Sdn Bhd has been appointed on Oct 25, 2024 as the independent adviser to TGIB to advise the non-interested directors and non-interested shareholders of TGIB on the proposed disposal.
"As at Oct 30, 2024, STGT holds 60 per cent equity interest in Everprosper Food Industries Sdn Bhd, which in turn holds 100 per cent equity interest in Everprosper Marketing (M) Sdn Bhd and 79.20 per cent equity interest in Thong Guan Trading (Thailand) Company Ltd.
"Upon completion of the proposed disposal, STGT Group would cease to be subsidiaries of TGIB,” it said. - Bernama
