KUALA LUMPUR: Fitters Diversified Bhd
has entered into a term sheet with Klayman Group Sdn Bhd for the proposed disposal of its wholly-owned subsidiary, Solid Orient Holdings Sdn Bhd (SOH).
In a filing with Bursa Malaysia, the company said the term sheet, involved the proposed disposal of 57.2 million ordinary shares, representing its entire equity interest in SOH, to Klayman Group or its designated nominees.
SOH is principally involved in the operation of a palm oil mill and the manufacture of crude palm oil. It has an issued share capital of RM57.2mil.
“The proposed disposal will generate proceeds to facilitate the strategic redeployment of resources into the company’s other core divisions,” Fitters said.
The company will undertake the necessary due diligence before entering into a definitive share sale agreement (SSA).
The disposal consideration and financial effects of the proposed transaction have yet to be determined, pending the finalisation and execution of the SSA.
Fitters said the term sheet would not have any material effect on its issued share capital, net assets and earnings for the financial year ending Feb 28, 2027.
