KUALA LUMPUR, Jan 21 — Metronic Global Bhd has disposed of 250 shares, or 17.65% of issued capital of Unilink Development Ltd to Toch Pte Ltd for US$551,724 or RM2.4 million cash.
In a filing to Bursa Malaysia Thursday, Metronic said the disposal was part of the company’s rationalisation exercise to focus more on local operation.
Unilink is a limited company incorporated in Hong Kong with the principal activity of investment holding.
Metronic said the disposal value was on willing-buyer-willing seller basis after taking into consideration the net asset value of Unilink.
It said the shares in Unilink were acquired on June 28, 2007 and Dec 31, 2007 and the total cost of investment was RM14.14 million and the expected loss to the group amounted to RM1.76 million based on the latest net carrying amount of the investment of RM4.16 million.
The disposal however was not expected to have any material effect on the financial result for the financial year ending Dec 31, 2016, it added.