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- The consideration comprises RM3 million in cash, with the remaining RM11.8 million to be satisfied through the assumption of outstanding intercompany loans and other indebtedness owed by the holding company to GRP.
KUALA LUMPUR (Jan 13): Kumpulan Jetson Bhd (KL:JETSON) is disposing of its entire equity interest in GRP Sdn Bhd, an indirect wholly owned subsidiary, for a total consideration of RM14.8 million, as part of a portfolio rationalisation exercise.
GRP is principally involved in the manufacturing and sale of adhesives and sealants.
In a filing with Bursa Malaysia on Tuesday, the industrial anti-vibration products manufacturer said the disposal will be undertaken by its wholly owned unit GRP Holdings Sdn Bhd, which entered into a share sale agreement with Ng Boon Hong last Friday (Jan 9) to sell 100% of its shares in GRP.
The consideration comprises RM3 million in cash, with the remaining RM11.8 million to be satisfied through the assumption of outstanding intercompany loans and other indebtedness owed by the holding company to GRP.
For the financial year ended March 31, 2025, GRP recorded a profit after tax of RM1.53 million and net assets of RM14.77 million, according to the filing.
Kumpulan Jetson said the disposal would enable the group to streamline its manufacturing portfolio and sharpen its focus on its core automotive anti-vibration components business.
The group added that the cash proceeds will be used for general corporate purposes and to support future manufacturing-related initiatives, with utilisation expected within 12 months of receipt.
The disposal is not expected to have any material impact on the group’s net assets, gearing or earnings for the financial year ending March 31, 2026.
Completion of the transaction is expected within 90 days from the date of the agreement, barring unforeseen circumstances.
Shares of Kumpulan Jetson closed unchanged at 12 sen on Tuesday, with a market capitalisation of RM50 million.
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