Sunzen Group Bhd is hiving off Sunzen Corporation Sdn Bhd and Sunzen Lifesciences Sdn Bhd to Pure Nutritional Products Sdn Bhd for RM17.3 million as it cease operations in the animal health division.
KUALA LUMPUR (Feb 18): Sunzen Group Bhd (KL:SUNZEN) announced it is selling two wholly owned subsidiaries involved in the animal health businesses for RM17.3 million.
The disposal of the two subsidiaries namely Sunzen Corporation Sdn Bhd and Sunzen Lifesciences Sdn Bhd to Pure Nutritional Products Sdn Bhd is expected to result in a gain of RM2.25 million to the group after deducting the estimated expenses, according to the company’s bourse filing.
Suzen said the disposal aligns with its business strategy transformation to cease operations in the animal health division.
It also stated that it intends to use the RM16.7 million net proceeds from the disposal for working capital.
Shares of Sunzen were unchanged at 31 sen on Tuesday, giving it a valuation of RM250.52 million.
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