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KUB plans to sell its share to garment maker

10
Mar '07
KUB Malaysia Bhd is planning to sell its 100 percent shares to KUB Tekstil Sdn Bhd, a garment maker, for RM15.7 million.

The company is undergoing a restoration by selling its non-core business and focus on a few main ones.

KUB Malaysia Bhd CEO Izham Yusoff said in a statement "The disposal is in line with KUB's strategic blueprint and it will enable the group to unlock the value of its non-core assets and free up resources for debt reduction and future investments,".

The company's subsidiary KUB Ekuiti Sdn Bhd had entered into a conditional sale agreement with My-Partners Solutions to dispose its entire 55.8 million shares in KUB Tekstil.

The proposed disposal is expected to result in a loss of RM3.6 million for the current financial year ending December 31, 2007.

In 2005, KUB Tekstil made a profit of RM424,000 after tax deductions. It has net assets of RM15.9 million.


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