Propel Global gets nod for asset disposal

PETALING JAYA: Shareholders have given Propel Global Bhd the green light to proceed with all the resolutions tabled at its EGM, including the disposal of its remaining 70% equity interest in Propel Maxflo for RM17.24mil.

“Our 49%-owned subsidiary Propel Oilfield Services Sdn Bhd will dispose of its stake in Propel Maxflo to Reservoir Link Sdn Bhd for a combination of RM13.79mil cash and 18.69 million new shares in Reservoir Link Energy at an issue price of 18.45 sen per share,” said the group in a statement.

Reservoir Link is a wholly-owned subsidiary of Reservoir Link Energy Bhd.

Also approved at the EGM was the proposed private placement of up to 146.7 million new shares, representing about 19.3% of the company’s total issued share capital.

The issue price will be determined at a later date.