Kretam plans to sell unit for RM57mil

KUALA LUMPUR: Kretam Holdings Bhd has proposed to dispose of its wholly-owned subsidiary Innosabah Securities Bhd to UOB-Kay Hian Holdings Bhd for RM56.68mil.
It said the proposed disposal provides an opportunity for Kretam to realise and unlock the value of its investment in Innosabah Group at a valuation considered reasonable to the company. “The proposed disposal will enable Kretam Group
to focus on its core business operations, namely oil palm plantations,
and to raise funds for working capital purposes,” it said in a filing to
Bursa Malaysia yesterday.
Kretam
said the proposed disposal is expected to be completed by mid-2012.
UOB-Kay Hian, a regional broking and corporate finance services group
headquartered in Singapore, is the republic’s largest domestic broker
based on the number of registered trading representatives servicing both
retail and institutional clients. — Bernama