Privasia has entered into a sales and purchase agreement with Kyra Partners Futures for the disposal of its subsidiary Privatel Sdn Bhd’s Privatel Singapore Pte Ltd for RM10,000.
Upon completion of the Disposal, PSPL shall cease to be an associate company of Privasia. The Disposal is deemed a related party transaction where Datuk Puvanesan A/L Subenthiran, the Executive Director and major shareholder of Privasia is a
Director and shareholder in Kyra within the preceding six months of the date on which the terms of the Disposal were agreed.
PSPL is principally engaged in the provision of network engineering services. Based on the audited financial statements of PSPL for the financial year ended (“FYE”) 31 December,2022 total deficit was SGD 204,083.
The management decided to divest its investment in PSPL and to redirect its resources to other subsidiaries. The Disposal it said was part of Privasia’s operational and organisational restructuring to streamline and realign entities within Privasia and its group of companies in order to create a leaner and efficient corporate structure.
