Hong Leong Industries had entered into a share sale letter agreement with GuoLine International Limited for the disposal of the entire issued and paid-up share capital of HLI Trading Limited for a cash consideration of USD7,770,021 (equivalent to RM36.2 million as at 30 November 2023).
The group said the disposal of HLIT was completed on the same day. HLIT, a wholly-owned subsidiary of HLI, is principally involved in investment holding. Based on the audited financial statements of HLIT for the financial year ended 30 June 2023, the net assets of HLIT amounted to RM35.68 million and HLIT posted a net profit of RM1.44 million.
The original cost of investment in the Sale Shares by the Company was RM6.37 million made from 2 June 1998 to 7 October 2004.
GIL is a company incorporated in Bermuda principally involved in investment holding. As at the date of this announcement, the directors of GIL are Mr Kwek Leng Hai and Ms Stella Lo Sze Man. GIL is a wholly-owned subsidiary of GuoLine Capital Assets Limited.
Hong Leong said the Disposal of HLIT will enable to streamline its offshore non-operating company, the group plans to keep the proceeds with a financial institutions pending identification of suitable investment opportunities and expansion plans.
