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- “The proposed disposal consideration for the 49% stake to Choo Peng Hung has not been finalised and remains subject to ongoing negotiations,” the company said, adding that the final terms including the disposal price will be set out in a definitive agreement between the parties.
KUALA LUMPUR (Sept 11): Classita Holdings Bhd (KL:CLASSITA), which is set to be renamed NexG Bina Bhd, clarified on Thursday that the proposed selling price for its 49% stake in its lingerie business is not fixed at RM34.1 million, contrary to earlier reports.
In a filing with Bursa Malaysia, the company explained that the RM34.1 million figure was presented merely as an illustrative example during a press briefing by chief executive officer Mohd Fadhli Abdul Rahman on Tuesday. The example was intended to demonstrate the potential value the company might realise if it were to dispose of 100% of the lingerie business, based on its projected net asset value as of June 30.
“The proposed disposal consideration for the 49% stake to Choo Peng Hung has not been finalised and remains subject to ongoing negotiations,” the company said, adding that the final terms including the disposal price will be set out in a definitive agreement between the parties.
The company also noted that it does not expect the divestment to result in any financial loss, as the disposal price is anticipated to be no less than the net asset value of the lingerie business at the time of the transaction.
Additionally, Classita expects the lingerie segment’s performance to improve, supported by newly secured manufacturing and export orders, which may further enhance the business’s value and future prospects.
The sale of the 49% stake in the lingerie business—comprising Classita (M) Sdn Bhd and Marywah Industries (M) Sdn Bhd—is considered a management buyout, as Choo is a director and part of the management team of both companies.
Choo previously served as managing director of Harvest Miracle Capital Bhd (KL:HM), the company that sold the Kepayang Heights project in Bentong to Classita.
The initial acquisition involved a 3.4% stake for RM17 million in cash in November 2022. Classita subsequently raised its equity interest to 97.14% by subscribing to additional shares worth RM1.5 million.
Choo also held a substantial 6.99% stake in Hong Seng Consolidated Bhd (KL:HONGSENG). Hong Seng formerly owned a 32.6% stake in Classita, which it later sold to NexG Bhd (KL:NEXG) at 15 sen per share—representing an 87.5% premium over the last traded price of eight sen on Aug 8.
Classita said the proceeds from the lingerie business disposal will be channelled into property development projects, as the company shifts its strategic focus towards property and construction.
Shares in Classita closed unchanged at 9.5 sen on Thursday, giving the company a market capitalisation of RM117.11 million.
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