PRG sells 12pc stake in Furniweb

KUALA LUMPUR: PRG Holdings Bhd has disposed of a 12 per cent stake in Furniweb Holdings Ltd for RM15.96 million. The company’s 12 per cent equity in the Hong Konglisted Furniweb represented 60.48 million ordinary shares, sold for HK$0.50 (RM0.25) each. The disposal will enable PRG to rationalise investment in Furniweb and the proceeds will be used for expansion into healthcare unit and working capital for business operations. Furniweb is engaged in the manufacturing and sale of elastic textile and webbing.