KUALA LUMPUR (Jan 3): Digital marketing and advertising services provider JcbNext Bhd has disposed of a total of 581,225 shares, representing a 1.8% stake, in Taiwan-listed company 104 Corp between June 21, 2023 to Jan 3, 2024 for TW$119.86 million (approximately RM17.67 million).

Following the sale in the open market of the Taiwan Stock Exchange, the group's shareholding in 104 Corp has been reduced to 6.17 million shares or an 18.6% stake.

"Based on the disposal consideration, the expected net gain arising from the disposas is RM9.51 million," it said in a filing with Bursa Malaysia on Wednesday.

It was noted that the original cost of investment in the 1.8% stake, which was acquired between Oct 1, 2007, and Dec 6, 2010, was RM5.73 million.

JcbNext said the proceeds from the disposals will be invested in other opportunities such as listed equity securities or other private investments that meet the company’s investment objectives, allowing for diversification of its investment portfolio.

"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," it added.

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

Shares of JcbNext closed unchanged at RM1.59, valuing the group at RM209.93 million.