KUALA LUMPUR (Dec 27): JcbNext Bhd (KL:JCBNEXT) trimmed a 1.8% stake in Taiwan-listed company 104 Corp for T$133.93 million (RM18.11 million) as the digital marketing and advertising services firm continues to pursue its strategy to diversify its investment portfolio and reduce concentration risk.
JcbNext disposed of an aggregate 599.540 shares or a 1.8% stake in 104 Corp between Aug 22 and Dec 27, according to the company’s bourse filing on Friday. The open market disposals pared JcbNext’s stake in 104 Corp to 13.5%.
“Based on the disposal consideration, the expected net gain arising from the disposals is RM9.39 million,” the company said.
Proceeds from the disposals will go towards other investment opportunities. “The expected timeframe for the full utilisation of the said proceeds within two years from the completion of the disposals, depending on market conditions.”
The shares’ original cost of investment was RM5.91 million, acquired between October 2007 and December 2010.
JcbNext began trimming its stake in 104 Corp in June 2022 when it held a 22% stake in the Taiwanese IT, advertising and employment services company. The company has grossed RM90.34 million from share sales in 104 Corp since then.
Shares in JcbNext ended five sen or 3.13% higher at RM1.65 on Friday, valuing the company at RM216.76 million.