PRG disposes of 12% stake in FHL for RM15.96m

by TMR

PRG Holdings Bhd has disposed of a 12% equity interest in Hong Kong-listed Furniweb Holdings Ltd (FHL) for 50 HK cents per share (26 sen) or RM15.96 million cash.
In an exchange filing yesterday, PRG noted the proposed disposal enables it to rationalise its investment in FHL and the proceeds raised from it will be utilised for the expansion into healthcare division and working capital purposes of the business and operations of the company and its subsidiaries.
PRG added RM3.48 million from the proceeds will be used as paid up capital of Esther Postpartum Care Sdn Bhd and RM8 million will be utilised for payments to contractors relating to property development projects. RM3.69 million will be kept as cash reserve for future working capital.


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