PETALING JAYA: Destini Bhd is disposing of its entire 51.92% interest in its waste tyre extrusion and recycling subsidiary Green Pluslink Sdn Bhd for RM4.4 million.
The group said it had on December 29 entered into a share sale agreement with Terokadana Sdn Bhd for the disposal of its interest comprising 2.7 million shares, following which Green Pluslink will cease to be a subsidiary of Destini.
Destini, which is an integrated engineering solutions provider mainly involved in the aviation, marine, oil & gas and automotive industries, sees the disposal as a strategic move to remain aligned and focused on its core businesses.
The group is also expected to recognise a gain of disposal of approximately RM4.1 million.
Destini's advances to Green Pluslink amounting to RM11.81 million will be converted into a long-term loan with a 6% interest rate per annum and will be payable by December 31, 2020.
The proceeds from the disposal and long-term loan will be used by Destini as working capital.
Destini's shares fell 2.8% to close at 52 sen with some 5.25 million shares done.
http://www.thesundaily.my/news/2017/12/29/destini-sells-stake-green-pluslink-rm44-million
