MRB unit sells manufacturing rights, eco tech
13 Jun 2014 / 05:36 H.
PETALING JAYA: Metal Reclamation Bhd's (MRB) subsidiary Metal Reclamation (Industries) Sdn Bhd (MRISB) has agreed sell its manufacturing rights and eco technology to Green Lead Industries Limited (GLI) for RM160 million.
The proposed disposal is expected to record an estimated gain on disposal of RM158 million for the MRB group and raise cash proceeds of RM160 million, it said in a filing with Bursa Malaysia yesterday.
The cash proceeds will be used to reduce the group's bank borrowings and other payables and to finance its working capital.
"Although the manufacturing rights and eco technology will be disposed to GLI upon the completion of the proposed disposal, it will not affect MRISB's existing operations in Malaysia," it added.