PETALING JAYA: PRG Holdings Bhd’s 54.19% owned subsidiary Furniweb Holdings Ltd has disposed of its entire stake in Premier Elastic Webbing & Accessories (Vietnam) Co Ltd (PEWA) to Four K Investment Ltd for US$2.95 million (RM12 million).
According Furniweb’s filing with the Hong Kong Stock Exchange (HKEX), the disposal was effected via a capital transfer agreement between Furniweb’s indirect wholly-owned subsidiaries, Webtex Trading and Furniweb Vietnam Shareholdings Co Ltd as well as PEWA and Four K Investment.
Webtex and Furniweb Vietnam hold 42.86% and 57.14% stake in PEWA, respectively.
The consideration sum will be satisfied with a charter capital consideration of US$400,000 (RM1.63 million) and an agreed loan consideration for the agreed settlement debt of US$2.55 million (RM10.36 million), which is payable by Four K Investment.
The expected pre-tax loss from the disposal is about RM278,000.
Furniweb believes that the disposal will allow the group to streamline its manufacturing division, better allocate or divert its resources to the manufacturing and sale of other products such as elastic textiles and webbing products. This will diversify its business into other sources of income.
Furniweb is principally engaged in the manufacturing and sale of elastic textile, webbings products and polyvinyl chloride related products, and retail business.
source https://www.thesundaily.my/business/prg-s-furniweb-disposes-of-vietnam-unit-HG1888810
No comments:
Post a Comment