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Zico Holdings to sell 2 offshore services units for at least US$3.9m

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Zico Holdings to sell 2 offshore services units for at least US$3.9m.

CATALIST-LISTED Zico Holdings has agreed to sell two of its corporate services subsidiaries to Mune Investments for at least US$3.9 million in cash, the company announced in a bourse filing on Wednesday.

Zico had acquired the two units, Finova Singapore and ZICO BPO, for US$6.6 million back in 2015. It recorded the two subsidiaries' carrying value as RM21.2 million as at end-June. Factoring the net proceeds, this implies a loss on disposal of between RM2.2 million and RM4.9 million for Zico, if the sale were completed at end-June.

 

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