Magna Prima has entered into a Sale and Purchase Agreement with Glomics Holding Sdn Bhd to dispose of its 100% equity interest in 33 Sentral Park Sdn. Bhd comprising 2,600,000 ordinary shares for a total consideration RM65 million.
Upon completion of the Proposed Disposal, 33 Sentral Park shall cease to be a subsidiary of Magna. The group said the proposed disposal will enable it to exit a business area that is not considered as strategic and synergistic to its other operations and at the same time to focus on its core businesses.
Thus, the Proposed Disposal is viewed positively to provide a timely opportunity for the Group to immediately unlock and realise the value of the investment and assets in 33 Sentral Park. In addition, the proceeds received from the Proposed Disposal could be reallocated to mainly fund the Group’s existing businesses, future business expansions and/or any future prospective businesses
