KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has disposed of its 200,000 ordinary shares in 59INC Sdn Bhd to TH Properties Sdn Bhd for RM100.138 million.
In a filing to Bursa Malaysia, it said the disposal represented MRCB’s 40 per cent equity interest in 59INC.
“Following the completion of the agreements (share sale agreement and subscription and shareholders’ agreement), TH Properties will hold 70 per cent equity interest in 59INC, while MRCB, the remaining 30 per cent,” it said.
MRCB said proceeds from the disposal would be utilised for working capital purposes and property development activities within 12 months upon receiving the disposal consideration.
The disposal of the sale shares by MRCB to TH Properties is completed upon the execution of the share sale agreement. --Bernama