PETALING JAYA: Techna-X Bhd
(TXB) is proposing to dispose of its entire 50% stake in HK Aerospace Beidou New Energy Technology Co Ltd (HKAB) to Tess Global Sdn Bhd for RM45mil.
In a filing with Bursa Malaysia, TXB said HKAB is engaged in the manufacturing and trading of super batteries and capacitors.
“The proposed disposal represent an opportunity for TXB to exit from the loss-making and debt-laden company in order to allow TXB to streamline its business operations and focus on businesses and ventures that are viable and expected to contribute positively to the group’s profitability and long-term growth.”
TXB said proceeds from the disposal will be used for business expansion and general working capital purposes.
“Working capital of the group includes settlement of trade and other payables as well as general operating administrative expenses,” it added.
