MRCB to dispose of subsidiary for RM4.8 million

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) has proposed to dispose of its wholly-owned subsidiary Semasa Services Sdn Bhd (SSRV) to Crystal Clear Cleaning Sdn Bhd (CCC) for RM4.8 million.
SSRV is involved in the business of providing building and facilities maintenance services, while CCC is engaged in the
service provision of general cleaners.
MRCB told Bursa Malaysia last Friday, the proposed disposal would enable the group to streamline its activities and utilise its resources more effectively and focus on the core businesses in property development and specialised infrastructure, and environmental projects.
MRCB said the purchase price was arrived at on a willing-seller willing-buyer basis after taking into consideration the audited net profit of SSRV for the financial year ended Dec 31, 2015 of RM3.39 million.
It acquired shares in SSRV on May 19, 1982 at a total cost of RM5.71 million.
It said the disposable would generate a gain of RM200,000 to the group based on the management account as of Nov 30, 2016. The purchase price will be utilised to finance the working capital of MRCB Group, it added.