KUALA LUMPUR, Nov 16 — Pacific & Orient Bhd (POB) and its subsidiary, Pacific & Orient Insurance Co Bhd (POI), have disposed an aggregate of 31.78 million ordinary shares of Ancom Bhd for a total gross consideration of RM78.7 million via open market and direct business transactions.
In a filing with Bursa Malaysia today, POB said proceeds from the disposal would be utilised to fund POB group’s working capital.
“POB group has decided to dispose part of the Ancom shares to capitalise on the appreciating share price of the shares,” it said.
The company said the disposal would not have any material effect on the earnings per share, net asset per share, share capital and the substantial shareholders’ direct and/or indirect shareholdings of POB for the financial year ending Sept 30, 2022.
“The disposal will not have any material gain or loss to the company as the value of the shares have been marked to market.
“The expected gain on the disposal to POB group for the year ending Sept 30, 2022 is RM9.74 million,” it added. — Bernama
