PETALING JAYA: Hua Yang Bhd
's wholly-owned subsidiary, Prisma Pelangi Sdn Bhd (PPSB) has on Sept 17 sold 22.6 million shares or 5.66% equity interest in Magna Prima Bhd for RM16.5mil cash via a direct business transaction.
In a filing with Bursa Malaysia, Hua Yang added PPSB still holds 80.3 million ordinary shares or 20.11% stake in Magna Prima (excluding treasury shares). The buyer was Hallson Holdings Sdn Bhd.
Hua Yang added the cash raised will be used to partially settle bank borrowings.
