Utusan Melayu’s unit to sell stake in Maqamad for RM48m

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KUALA LUMPUR, Dec 21 — Utusan Melayu (M) Bhd’s wholly-owned unit, Utusan Land Sdn Bhd, has signed a share sale agreement with MHA59 Sdn Bhd to dispose of 20 per cent stake in Maqamad Sdn Bhd for RM48 million.

In a filing to Bursa Malaysia today, Utusan Melayu said, the sale would enable it to improve its cash flow and strengthen its financial position.

“The proceeds are expected to be used for our day-to-day operations which included payment of trade and other payables within 12 months.

“The sale is expected to result in an improvement to our earnings by about RM48 million for the financial year ending Dec 31, 2015 and to contribute positively to the company's earnings per share,” it said. — Bernama

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