Protasco Bhd's shares were suspended from trading until 10am today soon after the company announced the deal between wholly owned subsidiary Kumpulan Ikram Sdn Bhd (KISB) and Star Teenagers on July 19 to dispose 20 million of its entire ordinary shares in Ikram Education.
The disposal of 100% equity interest for a total cash consideration of RM30 million in Ikram Education Sdn Bhd by KISB was to Star Teenagers International Group Limited. The Purchaser has been changed from Star Teenagers International Group Limited to Star Teenagers International Sdn Bhd.
KISB is principally engaged in investment holding, engineering and consultancy services, hotel operations and property management.
While, Star Teenagers is principally engaged in educational support services for provisions of non-instructional services, activities of holding companies and business management consultancy services.
In a Bursa Malaysia filing today, Protasco said the proposed disposal is expected to result in a gain of about RM12.7 million.
"The proposed disposal of Ikram Education provides an opportunity for the company to unlock and monetise its investment in Ikram Education taking into consideration that its operations are not considered an essential segment of Protasco," the company said.
Ikram Education was seen to incur net losses since 2021 and the proposed disposal, it is expected to improve the cash flows, earnings and net assets of the group.
The net proceeds from the proposed disposal will be utilised as working capital for the group.
At midday, Protasco Bhd's share price fell -0.035 (9.72%) to 0.325 sen with a trading volume of 9,433,600.
Protasco Bhd的股票暫停交易至今天上午10點,此前該公司於7月19日宣佈全資子公司Kumpulan Ikram Sdn Bhd(KISB)與Star Teens達成協議,出售其在Ikram Education的2000萬股普通股。
KiSB以總現金對價爲3000萬令吉的Ikram Education Sdn Bhd的100%股權出售給了Star Teens International Group Limited。買方已從星之青少年國際集團有限公司更改爲星之青少年國際私人有限公司。
KiSB主要從事投資控股、工程和諮詢服務、酒店運營和物業管理。
同時,Star Teens主要從事提供非教學服務、控股公司活動和企業管理諮詢服務的教育支持服務。
Protasco在今天的馬來西亞證券交易所文件中表示,擬議的出售預計將帶來約1270萬令吉的收益。
該公司表示:“考慮到Ikram Education的業務不被視爲Protasco的重要組成部分,擬議的出售Ikram Education爲公司提供了解鎖對伊克拉姆教育的投資並從中獲利的機會。”
自2021年以來,Ikram Education被認爲將出現淨虧損,擬議的出售預計將改善該集團的現金流、收益和淨資產。
擬議出售的淨收益將用作該集團的營運資金。
中午,Protasco Bhd的股價下跌-0.035(9.72%),至0.325先令,交易量爲9,433,600美元。