KUALA LUMPUR: Kumpulan Jetson Bhd
said its wholly-owned subsidiary GRP Holdings Sdn Bhd has inked a share sale agreement with Ng Boon Hong for the disposal of its entire equity share in GRP Sdn Bhd, an adhesives and sealant manufacturing business, for RM14.8mil.
In a filing with Bursa Malaysia, the group said the disposal consideration shall be satisfied via RM3mil in cash and RM11.8mil in assumed indebtedness.
It said the disposal will enable it to streamline, strengthen and optimise its manufacturing portfolio as it focuses on its core capabilities as a tier one anti-vibration automotive parts manufacturer.
The net proceeds from the disposal will be utilised for general corporate purposes and to support manufacturing business’ future growth and strategic initiatives.
They are proposed to be utilised within 12 months from the date of receipt.
