A-Rank selling its 55% interest in HongLee Group

PETALING JAYA: A-Rank Bhd is disposing of its 55% stake in HongLee Group (M) Sdn Bhd for RM2.11 million. It told Bursa Malaysia that it had entered into a share sale agreement with three purchasers for the disposal.

HongLee Group is principally engaged in the manufacturing and marketing of all types of aluminium and glass fittings and other related activities.

A-Rank said the divestment of the loss-generating business will enable the company to concentrate on its profitable operations.

A-Rank is expected to realise a net loss of RM100,000 upon completion of the disposal. Proceeds from the proposed disposal will be used for A-Rank and its subsidiary as working capital from time to time.