Boon Koon Group to sell rest of stake in Hitachi Malaysia

PETALING JAYA: Boon Koon Group Bhd’s (BKoon) wholly owned subsidiary Boon Koon Capital Sdn Bhd (BKC) has proposed to dispose of its remaining 25% stake in Hitachi Malaysia Sdn Bhd (HCM) to Hitachi Capital Asia Pacific Pte Ltd for RM22 million cash.

HCM is principally involved in the provision of hire purchase financing, dealer financing, leasing and as an insurance agent.

The money raised will be for the working capital of existing and new businesses (if any).

“HCM does not fit into the group’s long term strategy and therefore the group decided to divest its investment in HCM at the most strategic opportunity. Proceeds from this proposed divestment shall be invested into strategic businesses,” BKoon said yesterday.