MB World di­vests stake in sub­sidiary

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: MB World Group Bhd is dis­pos­ing its 100% stake in its loss mak­ing sub­sidiary Emas Kiara Mar­ket­ing & En­gi­neer­ing (EKME) Sdn Bhd to an undis­closed buyer for RM1.66 mil­lion.

The group said in a stock ex­change fil­ing the dis­posal is in line with its in­ten­tion to dis­pose of its non-prof­itable and non-core busi­nesses.

“EKME has been a loss mak­ing en­tity for the two con­sec­u­tive fi­nan­cial years ended Dec 31, 2016 and Dec 31, 2017. The dis­posal will al­low MB World to cease in­cur­ring fur­ther over­heads for EKME’s op­er­a­tions and al­low the com­pany to re­di­rect its re­sources to those ac­tiv­i­ties iden­ti­fied and in-line with the group’s strate­gies, the group said.

MB World’s shares re­mained un­changed at RM2.00 with some 2300 shares done.

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