Jaya Tiasa announces disposal of subsidiary

KUALA LUMPUR (Dec 30, 2011) : Jaya Tiasa Holdings Bhd has announced that its subsidiaries, Atlantic Timber Holdings Ltd and Pacific Timber Holdings Ltd,
had entered into a sale and purchase agreement with Brazilian businessman, Cezar Augusto Carrenho De Souza on Dec 28.

In a filing to Bursa Malaysia, it said the agreement is to sell their collective 100 per cent equity interest in Selvaplac Verde Ltda, a company incorporated in Brazil, for a cash consideration of RM3.397 million.

The consideration was arrived at on a wiling buyer-willing seller basis.

The disposal of the subsidiaries is also in line with the Group's intention to divest its Brazilian operations in view of continuing losses incurred and unclear prospect of recovery.

The Board of Directors is of the opinion that the disposal is in the best interest of the Group and its shareholders. - BERNAMA