KUALA LUMPUR (July 26): JOE Holding Bhd, formerly known as GPA Holdings Bhd, said its wholly-owned subsidiary GP Autobat Sdn Bhd has disposed of 53.41 million shares, or a 4.619% stake, in ACE Market-listed Pasukhas Group Bhd via the open market for RM5.61 million or 10.502 sen per share.
The automotive battery and component maker said the rationale of the disposal enables the company an opportunity to realise some gains from the investment.
In a bourse filing today, JOE Holding said the original cost and estimated proforma gain from the disposal were RM5.34 million and RM268,118 respectively.
“The proceeds from the disposal will be used for working capital,” it added.
Arising from the disposal, the shareholding of JOE Holding in Pasukhas will be reduced to 196.31 million shares, or a 16.961% stake, from 249.72 million shares, or a 21.58% stake, previously.
Pasukhas is engaged in the mechanical and electrical engineering services, civil engineering and construction services, manufacturing of low voltages switchboards, trading of coal, river sand and equipment, renewable energy, rental property and property development segments.
JOE Holding shares closed down 0.5 sen or 12.5% at 3.5 sen today, bringing a market capitalisation of RM107.07 million. Pasukhas shares also settled one sen or 10% lower at 9 sen, for a market value of RM104.2 million.