Friday, December 30, 2011

Jaya Tiasa exits Brazil ops on continuing losses, unclear recovery

KUALA LUMPUR (Dec 30): JAYA TIASA HOLDINGS BHD [] has divested'' its Brazilian operations with the sale of Selvaplac Verde Ltda for 2.0 million Brazilian real (RM3.39 million).

It said on Friday the disposal was in line with the group's plan to divest its Brazilian operations in view of continuing losses incurred and unclear prospect of recovery.

Jaya Tiasa said its subsidiaries -- Atlantic Timber Holdings Ltd and Pacific Timber Holdings''Ltd had on Wednesday signed a sale and purchase agreement with businessman Cezar Augusto Carrenho De Souza, to sell their collective 100% stake in Selvaplac Verde.

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