KUALA LUMPUR (June 20): JcbNext Bhd said it disposed of  shares in a Taiwan-listed company for a total of about RM17.89 million over a one-year period until Tuesday (June 20).

“Based on the disposal consideration, the expected net gain arising from the disposals is RM10.79 million,” the group said in a bourse filing.

JcBNext said the disposal of a total of 594,269 shares of 104 Corp in the open market was in line with the group's strategy of diversifying its investment portfolio and to reduce concentration risk.

Following the disposal, the group's shareholding in 104 Corp has come down to  6.75 million shares or a 20.3% stake.

104 Corp is principally engaged in information technology, general advertising services, employment services and human resource consultancy. 

JcbNext said its original cost of investment in the disposed 104 Corp shares was RM5.86 million.

“The proceeds from the disposals will be utilised for investing in other opportunities such as listed equity securities or other private investments that meet the company’s investment objectives.

“The expected timeframe for the full utilisation of the said proceeds is within two years from the completion of the disposals, depending on market conditions,” the group said.

Shares of JcbNext closed unchanged at RM1.50, valuing the group at RM198.04 million.