APFT sells flight training company

PETALING JAYA: Practice Note 17 company APFT Bhd is selling its Asia Pacific Flight Training Sdn Bhd (APFTSB) for RM10,000 to two individuals, apart of its streamlining exercise to divest its loss making and non-contributing subsidiary.
The deal was done a willing buyer, willing seller basis,taking into account the net loss and liabilities of APFTSB of RM16.6 million and RM6.1 million on the latest audited financial statement for the financial year ended July 31, 2016; and the unaudited net loss and net liabilities of RM30.3 million and RM36.7 million respectively for the financial year ended Jan 31.
Mohamad Farizan Razali and Muhammad Syafiq Ibrahim are both Malaysian citizens and reside in Malaysia.
There are no liabilities, including contingent liabilities and guarantees, to be assumed by the purchasers.
APFT invested a total sum of RM46.2 million in APFTSB.
APFT has about eight months to submit its regularisation plan to the authorities. It intends to undertake and formulate a self-regularization plan which will not result in a significant change in the business direction or policy of the company.