KUALA LUMPUR: GPP Resources Bhd
has proposed to dispose of its 51% stake in Gambang Power Plant Sdn Bhd for RM25,500 cash.
In a filing with Bursa Malaysia, GPP said its wholly-owned subsidiary, Green Energy Resources (M) Sdn Bhd, entered into a share sale agreement with Wee Lok Hain and Ma Eng Yau for the disposal of 25,500 ordinary shares, representing a 51% stake.
“Gambang has been dormant since its incorporation. As such, the management decided to divest its investment in Gambang and to redirect its resources to other subsidiaries.
“The proposed disposal is part of GPP’s operational and organisational restructuring to streamline and realign entities within GPP and its group of companies in order to create a leaner and efficient corporate structure,” GPP said.
