KUALA LUMPUR (March 7): Hap Seng Consolidated Bhd plans to sell its wholly-owned transportation and logistics services arm Hap Seng Logistics Sdn Bhd for RM750 million cash, with the proceeds to be used to pare down the group's borrowings and for working capital. The original cost of investment of Hap Seng Consolidated in Hap Seng Logistics totalled some RM250 million. "The proposed disposal is an opportunity for Hap Seng Consolidated to realise a substantial gain from its investment in Hap Seng Logistics. He is also a 56% major shareholder and director of Gek Poh (Holdings) Sdn Bhd, which holds a 61.43% stake in Hap Seng Consolidated. Hap Seng Consolidated shares closed 0.22% or 2 sen higher at RM9.08 today, bringing it a market capitalisation of RM22.61 billion.

Source: The Edge Markets March 07, 2017 13:07 UTC