PPB: No transaction for Golden Screen Cinemas yet

PETALING JAYA: PPB Group Bhd has clarified that no decision has been made to pursue any particular option for its cinema operations under Golden Screen Cinemas Sdn Bhd (GSC) and that no transaction has been agreed as at yesterday.
PPB shares closed 16 sen lower at RM16.04 with 1.08 million shares changing hands yesterday, on a news of a potential sale of GSC.
PPB said the company regularly evaluates various strategic options for all its businesses, including GSC, with a view to optimising shareholder value.
“Shareholders and potential investors of the company should note that the evaluation of strategic options may or may not result in any transaction, and accordingly are advised to exercise caution when dealing in the shares of the company,” PPB said in a stock exchange filing yesterday.
It was reported that billionaire Robert Kuok, who controls PPB group, is seeking a buyer for GSC in a deal that could fetch as much as US$500 million (RM2.06 billion).
PPB was said to have received first-round bids for the cinema business.