KUALA LUMPUR: Menang Corp Bhd (MCB) has entered into a share sale agreement with Chang Kim Fei and Lee Boon Kwong to dispose of its entire 100% stake in Menang Finservices (M) Sdn Bhd (MFSB) for RM100,000.
In a filing with Bursa Malaysia, MCB said its wholly owned subsidiary, Menang Leasing and Credit (M) Sdn Bhd entered into the agreement with the vendors for the disposal of 500,000 ordinary shares, representing 100% of the total issued shares of MFSB.,
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Upon completion of the disposal, MFSB shall cease to be a subsidiary of MCB.
“The consideration is arrived on a willing-buyer-willing seller basis after taking into account of the company and its subsidiaries' future business plan.
“The rationale for the disposal is to restructure and streamline operations for operational efficiency in line with MCB group’s business plan,” MCB said.