KUALA LUMPUR: CI Holdings Bhd is set to record gains of RM677.10 million from the sale of its bottling unit, Permanis Sdn Bhd to Asahi Group Holdings Ltd for RM820.0 million.
It said on Thursday, July 21, it had entered into a conditional share sale agreement with Asahi to sell its 100% stake in Permanis
'CI Holdings' original cost of investment in Permanis amounts to RM72.0 million, which was incurred on'' April 1, 2004,' it said.
The CI Holdings board believed the proposed disposal was timely and provided the opportunity for it to unlock the value of its investment in Permanis at an attractive valuation.
'As at the date of this announcement, the board is still assessing and evaluating plans for the optimal utilisation of the cash proceeds from the proposed disposal which may include, but not limited to, the acquisition of viable businesses/assets and/or a distribution to shareholders of the company. It is intended that any utilisation proposed will be with the objective of maximising shareholder value,' it said.
It said on Thursday, July 21, it had entered into a conditional share sale agreement with Asahi to sell its 100% stake in Permanis
'CI Holdings' original cost of investment in Permanis amounts to RM72.0 million, which was incurred on'' April 1, 2004,' it said.
The CI Holdings board believed the proposed disposal was timely and provided the opportunity for it to unlock the value of its investment in Permanis at an attractive valuation.
'As at the date of this announcement, the board is still assessing and evaluating plans for the optimal utilisation of the cash proceeds from the proposed disposal which may include, but not limited to, the acquisition of viable businesses/assets and/or a distribution to shareholders of the company. It is intended that any utilisation proposed will be with the objective of maximising shareholder value,' it said.
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