PETALING JAYA: AE Multi Holdings Bhd
(AEMB) has disposed of its entire 32.3 million-share stake in Sinaran Advance Group Bhd (SAGB) for RM3.53mil in an open market transaction, generating an estimated pre-tax gain of RM1.81mil.
In a filing with Bursa Malaysia, the company said the disposal, completed on July 17, involved 32,298,700 ordinary shares sold at 11 sen apiece for total proceeds of RM3.53mil. The shares had a total purchase cost of RM1.72mil, while sale-related expenses amounted to RM19,764. AEMB said the disposal consideration was based on the prevailing market price of SAGB shares at the time of the transaction.
The company said the disposal was undertaken to realise its investment in SAGB at a favourable market price, improve liquidity and strengthen cash resources for working capital purposes.
