Artroniq sells Paklin Venture Capital for RM6.5mil

 

KUALA LUMPUR: Artroniq Bhd has signed a share sale agreement with Grand Business Merchant Sdn Bhd to dispose of 100% of its shares in Paklin Venture Capital Sdn Bhd for RM6.5mil.

The ICT provider said it had undertaken a strategic review of the company’s business portfolio and decided to refocus on its core business operations.

“Paklin, which is primarily engaged in moneylending, no longer aligns with the Company’s long-term strategic direction,” Artroniq said in a filing with Bursa Malaysia.

It added that the proposed disposal presented a timely opportunity for the company to unlock value from its investment in Paklin.

“The proposed disposal is expected to result in a one-off profit on disposal of RM4.88mil and earning per share is RM0.012.”