Atis disposes 16% equity in KVC

KUALA LUMPUR: Atis Corp Bhd has entered into a share sale agreement with Otra Development B.V, a subsidiary of Paris-based Sonepar SA, to dispose of 16% equity interest in KVC Industrial Supplies Sdn Bhd for RM28.27mil.

In a filing with Bursa Malaysia yesterday, Atis said upon completion of the disposal, its shareholding in KVC would be reduced to 64% of the issued and paid-up capital of KVC, whilst Otra’s stake in KVC would increase to 36%.

The original cost of investment for 16% equity in KVC was RM6.5mil on June 28, 2001.

Atis said the proposed sale was expected to result in a gain of RM14.3mil to the group in the current financial year ending Dec 31.

ATIS : [Stock Watch] [News]

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