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KUALA LUMPUR (Jan 13): Malaysian Resources Corp Bhd (MRCB) is disposing of its wholly-owned building and facilities maintenance service unit for RM4.8 million, nearly 16% lower than the price it was acquired in 1982.
MRCB said in a filing with Bursa Malaysia it is disposing of Semasa Services Sdn Bhd to streamline its activities, utilise its resources effectively, and focus on its core business in property development, specialised infrastructure and environmental projects.
The buyer is Crystal Clear Cleaning Sdn Bhd, which is involved in general cleaning services.
The purchase price was arrived at on a willing seller-willing buyer basis after considering Semasa Services' audited net profit for the year ended Dec 31, 2015 of RM3.39 million.
"The purchase price will be utilised to finance the working capital of the group. The group acquired about one million shares in Semasa Services on May 19, 1982 at a total cost of investment of RM5.71 million.
"The proposed disposal will generate a gain of RM200,000 to the group based on the management account as of Nov 30, 2016," it added.
Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the second quarter of 2017.
At 2.57pm, MRCB rose two sen or 1.42% to RM1.43 with 2.06 million shares done for a market capitalisation of RM3.07 billion. — theedgemarkets.com
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