Asia Poly to sell its 30% stake in IT firm

The Sun (Malaysia) - - SUNBIZ -

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.

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