KUALA LUMPUR (May 8): PUC Bhd (KL:PUC) has partially divested its stake in Pictureworks International Holdings Ltd (PIHL), selling a 13.76% equity interest in the company for RM30 million cash, as part of efforts to unlock value, improve liquidity and redeploy capital towards its core businesses and future opportunities.
The company expects to book an estimated gain of RM5.82 million from the disposal.
In a Bursa Malaysia filing on Friday, PUC said it had entered into a share sale agreement with Labuan-based investment holding company MacOS Ltd on Dec 31, 2025, to dispose of 3.04 million ordinary shares in PIHL.
Upon completion of the disposal, PUC’s stake in PIHL will be reduced from 27.53% to about 13.76%, with PIHL thereafter to be accounted for as an investment.
Of the RM30 million proceeds, RM17.28 million has been earmarked for repayment of borrowings, while RM12.52 million will be used for working capital requirements and strategic investments within the group’s core businesses.
PUC, which is involved in digital media, e-commerce and fintech-related businesses, said the disposal forms part of its ongoing efforts to optimise its investment portfolio and enhance capital efficiency.
“The proposed disposal will enable the company to unlock value from a non-core investment, improve liquidity and redeploy resources towards its core businesses and future opportunities,” the company said.
It added that it would continue to retain an equity interest in PIHL and “participate in any potential upside”.
PIHL is an investment holding company that owns the Pictureworks group of companies, which provides artificial intelligence-powered digital imaging solutions for theme parks, attractions and the tourism industry, including photography and imaging technology platforms.
Based on PIHL’s audited financial statements for the financial year ended Dec 31, 2024, the group posted a revenue of RM17.63 million and a net loss of RM8.31 million, while net liabilities stood at RM12.3 million.
PUC said the disposal had been completed on Dec 31, 2025, following receipt of the full cash consideration.
Shares in PUC ended down 0.5 sen or 25% at 1.5 sen on Friday, valuing the company at RM45.7 million.