PETALING JAYA: CI Holdings Bhd
is disposing of its entire stake in Doe Industries Sdn Bhd (DISB) to KUB Malaysia Bhd for RM20mil.
The proposed divestment constitutes a related party transaction due to JAG Capital Holdings Sdn Bhd being a major shareholder of both CI Holdings and KUB.
DISB is principally involved in the manufacturing and selling of water taps, showers and other plumbing fittings.
CI Holdings said in a filing with Bursa Malaysia that the disposal is due to the realigning of its focus to strengthen its position as a diversified international fast-moving consumer goods group.
“As part of this strategic focus, the company has identified its tap and sanitary ware division as a non-core asset and plans to divest it.”
Meanwhile, KUB said the acquisition will allow it to leverage DISB’s established product range and extensive distribution network.
