ETA Group to Sell Stakes in Two Subsidiaries
MT Newswires Live12:42
ETA Group (KLSE:ETA) has agreed to sell stakes in two subsidiaries to VIP Bonanza for 22.7 million ringgit, according to a Friday filing to the Malaysian bourse.
The company will sell a 38% stake in PT Rex Canning for 14 million ringgit and a 100% equity interest in Rex Foods for 8.68 million ringgit.
On completion of the transactions, ETA will retain a 62% stake in PT Rex, while Rex Foods will cease to be part of the group.
The proposed disposal is expected to result in an estimated pro forma loss of 100,000 ringgit to the ETA Group, mainly due to transaction expenses.
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