Formosa Prosonic Industries has proposed to dispose of its 70% stake in Heracles Enterprises Limited to Wistron Technology Sdn Bhd for an estimated RM31.8 million.
The group said the proposed disposal is to unlock the value of assets the company has which is a leasehold land located in Port Klang. Upon disposing FPI is expected to record an estimated net gain on disposal of RM19.93 million. It will then be able to monetise its non-core assets where the proceeds and used for the general capital expenditure and the development of AI smart speakers.
Wistron Corporation, the holding company of WMY, is a major shareholder of FPI. Wistron Corporation, with a 30.00% shareholding in HEL, is also a major shareholder of HEL. As such, it will abstain from voting in respect of its direct shareholding in the company at the EGM to be convened.
