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NewsMWE sells stake in Davex Malaysia (3921)
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MWE sells stake in Davex Malaysia (3921)
by hlk Fri 21 Sep 2012, 08:11
KUALA LUMPUR: MWE Holdings Bhd through its wholly-owned subsidiary,
Davex Holdings Bhd, has proposed to dispose of its entire 93.06 per
cent stake in Davex Malaysia Sdn Bhd (DMSB) to GLC (Asia) Holdings
Limited for RM170.297 million.
The transaction is expected to be
completed in the fourth quarter of this year, said Inter-Pacific
Securities Sdn Bhd on behalf of MWE.
In a filing with Bursa
Malaysia Securities, MWE said its original investment in DMSB, from
March 1993 to October 2003, was RM16.16 million.
MWE is still
assessing and evaluating plans for the optimal utilisation of the
proceeds, and this includes further reinforcement of its other
divisions, and for working capital purposes.
GLC is a
Saudi-based company involved in the manufacturing, retail and wholesale
trading of electrical materials in the Middle East and Africa.
-- BERNAMA
Davex Holdings Bhd, has proposed to dispose of its entire 93.06 per
cent stake in Davex Malaysia Sdn Bhd (DMSB) to GLC (Asia) Holdings
Limited for RM170.297 million.
The transaction is expected to be
completed in the fourth quarter of this year, said Inter-Pacific
Securities Sdn Bhd on behalf of MWE.
In a filing with Bursa
Malaysia Securities, MWE said its original investment in DMSB, from
March 1993 to October 2003, was RM16.16 million.
MWE is still
assessing and evaluating plans for the optimal utilisation of the
proceeds, and this includes further reinforcement of its other
divisions, and for working capital purposes.
GLC is a
Saudi-based company involved in the manufacturing, retail and wholesale
trading of electrical materials in the Middle East and Africa.
-- BERNAMA
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