MB World divests stake in subsidiary
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.