KUALA LUMPUR: PUC Bhd
has disposed of a 13.76% equity interest in Pictureworks International Holdings Ltd (PIHL) to MacOS Ltd for RM30mil cash.
In a filing with Bursa Malaysia, PUC said it had entered into a share sale agreement with MacOS on Dec 31, 2025 to dispose of 3.04 million shares in PIHL.
Following the disposal, PUC’s stake in PIHL will be reduced from 27.53% to about 13.76%, with PIHL to be accounted for as an investment thereafter.
“The proposed disposal represents a partial divestment of the company’s investment in PIHL,” PUC said.
It said the disposal was completed on Dec 31, 2025 upon execution of the agreement and receipt of the full sale consideration.
However, the company only announced the transaction on Friday following the completion of arrangements and transfer requirements.
The group expects to record an estimated gain of RM5.82mil from the disposal.
Of the RM30mil proceeds, PUC said RM17.28mil has been earmarked for repayment of borrowings, RM12.52mil for working capital requirements and RM200,000 for expenses related to the disposal.
PUC said the proposed disposal forms part of its ongoing efforts to optimise its investment portfolio and enhance capital efficiency.
“After taking into consideration the financial condition and performance of Pictureworks Group, the Board is of the view that the proposed disposal represents an opportunity for the company to realise part of its investment in PIHL.
“The proposed disposal will enable the company to unlock value from a non-core investment, improve liquidity and redeploy resources towards its core businesses and future opportunities,” it said.
