Asia Poly to sell its 30% stake in IT firm

PETALING JAYA: Cast acrylic sheets manufacturer Asia Poly Holdings Bhd is disposing of its 30% stake in FDL Technology Sdn Bhd for RM2.45 million.

In a filing with the stock exchange, Asia Poly said it had entered into a sale and purchase agreement with Muhibbah Edar Sdn Bhd for the disposal exercise.

FDL is involved in the business of provisions of end-to-end e-commerce supply chain solutions on an online to offline platform to enhance competitive advantages for domestic and international companies.

The disposal, which is expected to generate an estimated one-off gain of about RM8,495, will enable Asia Poly unlock the value of its non-core business and reinforce its existing businesses.

The gross proceeds of RM2.45 million are intended to be utilised as the group’s working capital for the next 12 months.