PPB shares continue to rise on news to dispose stake in non-profitable Myanmar unit
21 Sep 2017 / 11:24 H.
PETALING JAYA: PPB Group Bhd's share price continued to rise by 0.24% this morning, after announcing that it will be disposing its entire stake in its unprofitable non-core business in Myanmar.
At 10.51am, PPB's shares stood at RM16.84 with 19,000 shares changing hands. PPB has a market capitalisation of RM19.96 billion.
PPB said its 79.9%-owned indirect subsidiary Tego Sdn Bhd will be disposing its entire equity interest in its Myanmar based indirect subsidiary Tefel Packaging Industries Co. Ltd to Messrs Natthi Cholsaipant and Tanapat Cholsaipant for a cash consideration of US$2.4 million (RM10.06 million).
Tefel, which manufactures and sells polypropylene bags, was incorporated in Myanmar in August 2000.