Hap Seng Consolidated shares continue to fall on unit disposal

PETALING JAYA: Hap Seng Consolidated Bhd's shares fell six sen or 0.63% this morning, after announcing that it is disposing of a unit and a stake in another to Hong Kong-based Lei Shing Hong Capital Ltd for RM1.68 billion.
At 10.44am, the stock stood at RM9.49 with 31,900 shares changing hands, giving it a market capitalisation of RM23.8 billion.
Last Friday, Hap Seng said the group is selling a 20% interest in Hap Seng Credit Sdn Bhd for RM906 million cash, while its unit HSC International Ltd is selling its entire interest in HSC Sydney Holding Ltd for RM771.16 million cash.
The group said it intends to use the proceeds to repay borrowings, for working capital, investments and expenses.