KUB plans to sell garment maker
\nBy Sharen Kaur
\nsharen@nstp.com.my
\nBusiness Times – Malaysia, Malaysia
\nMarch 9 2014<\/p>\n
<\/p>\n
KUB Malaysia Bhd plans to sell all its shares in KUB Tekstil Sdn Bhd, a garment maker, for RM15.7 million to reduce debt and finance future investments.<\/p>\n
The loss-making company is undergoing a revamp by selling its non-core business and focus on a few main ones.<\/p>\n
The group is planning to expand its energy and information and communications technology (ICT) divisions, which will drive its growth for this year.<\/p>\n
“The disposal is in line with KUB’s strategic blueprint and it will enable the group to unlock the value of its non-core assets and free up resources for debt reduction and future investments,” KUB said in a statement.<\/p>\n
KUB said its unit, KUB Ekuiti Sdn Bhd, has entered into a conditional agreement with privately-held My-Partners Solution Sdn Bhd to sell its entire 55.8 million shares in KUB Tekstil.<\/p>\n
KUB said based on the book value of its investment in KUB Tekstil, the proposed disposal is expected to result in a loss of RM3.6 million for the financial year ending December 31 2014.<\/p>\n
However, it will reduce gearing, a measure of borrowings, to 0.43 times from 0.45 times. In 2005, KUB Tekstil made a profit after tax of RM424,000. It has net assets of RM15.9 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
KUB plans to sell garment maker By Sharen Kaur sharen@nstp.com.my Business Times – Malaysia, Malaysia March 9 2014 KUB Malaysia Bhd plans to sell all its shares in KUB Tekstil Sdn Bhd, a garment maker, for RM15.7 million to reduce debt and finance future investments. The loss-making company is undergoing a revamp by selling its […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n