by AZALEA AZUAR
SUNZEN Group Bhd plans to dispose its loss making animal health businesses for RM17.3 million to pharmaceutical and veterinary product provider Pure Nutritional Products Sdn
According to its Bursa Malaysia filing today (Feb 18), the Shah Alam-based company has entered into a sale and purchase of shares agreement with Pure Nutritional to dispose 100% of its equity interest in wholly-owned subsidiaries Sunzen Corp Sdn Bhd and Sunzen Lifesciences Sdn Bhd.
It said proceeds from the disposal will be utilised for the group’s general working capital in respect of its day-to-day operations to support its existing business operations.
Pure Nutritional is principally involved in import, distributors and manufacturers of and dealers in all kinds of pharmaceutical and veterinary product inclusive of drugs, patent medicines, pharmaceutical and vetinary preparation and any other related goods.
SCSB is principally involved in the business of biotechnology research and development, manufacture, import, export, marketing and trading of veterinary medicines, pharmaceutical, chemical products, animal health products and equipment, laboratory services, crude palm oil and derivative products.
SLSB is principally involved in the business of biotechnology research and development and commercialisation of in-feed antibacterial products and supplements for animal health products.
Sunzen shares remained unchanged at 31 sen today, resulting in a market capitalisation of RM251 million.