The disposal consideration will not exceed RM170 million, the group says
KUALA LUMPUR: Multi-Purpose Holdings Bhd (MPHB) is disposing of the entire issued and paid-up shares in AA Anthony Securities Sdn Bhd (AAA), a stockbroking firm, to UOB Kay-Hian Holdings Ltd for between RM165 million and RM170 million.
The group, which is streamlining its business operations, signed a conditional share purchase agreement yesterday with UOB Kay-Hian to dispose of 100 per cent stake in AAA for a price based on AAA's audited net tangible assets of between RM150 million and RM155 million, and a premium of RM15 million.
"In any event, the disposal consideration will not exceed RM170 million," the group said in a statement to Bursa Malaysia.
MPHB said the proposed disposal is part of its plan to streamline the group's business operations and strategy.
It added that the transactions will allow the group to focus on the gaming business, following the proposed disposal and demerger of the group's gaming business and SPV Capital businesses, comprising financial services and other investments, as announced in May this year.
The proposed disposal of AAA, founded in 1830 as a trading company in Penang, marks MPHB's exit from stockbroking business.
Earlier, MPHB announced its plans to split its gaming business, operated by Magnum Corp Sdn Bhd, and its non-gaming assets to create two separate entities.
The group plans to inject its non-gaming assets into a special purpose vehicle, SPV Capital, and list it on the Main Market.
Its non-gaming assets include financial service business held under Multi-Purpose Insurans Bhd, stockbroking operated by AAA, and hotel investments.
From btimes.com.my
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