By BERNAMA
Yong Tai Bhd signs agreements with Extreme Riches Sdn Bhd to dispose of its stakes in loss-making units.
In a statement today, Yong Tai said it will sell its 100% equity interest in Golden Vertex Sdn Bhd and The Image Outlet Sdn Bhd for RM2 cash.
The company will dispose of five million ordinary shares of RM1 each in Golden Vertex and 100,000 ordinary shares of RM1 each in The Image Outlet, it said.
Its executive director Yong Tai said the corporate exercise is line with the company’s strategic imperative to streamline its asset portfolios in order to focus on its new core business in property development and build a stronger, leaner, and more efficient organisation.
“The disposal is part of our strategic business rationalisation plan to concentrate on its core property development business,” he said.
Yong said the disposal will also enable Yong Tai to concentrate its efforts and resources on its property development business segment.
The company said the disposal is expected to be completed by the third quarter of 2015.
The principal activity of Golden Vertex is manufacturing of garment, nylon, yarn, and tailoring articles, while The Image Outlet is principally involved in the sale of garments and tailoring articles for the golf and leisure wear under the brand Emilio Valentino.
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