KUALA LUMPUR (May 4) : MAA Group Bhd is selling its wholly-owned security equipment and services unit for RM7 million, a move which will help the financial services entity focus on its core business.
In a statement to the exchange, MAA said it has signed a conditional sale and purchase agreement with Jitra Pusaka Sdn Bhd for the disposal of Wira Security Services Sdn Bhd.
“The proposed disposal besides being part of the rationalisation exercise of MAA to focus on its core financial service businesses in Malaysia, also takes cognizance of the fact that Wira is also facing increasing market competition which poses an uncertainty to the future prospects of Wira.
“The cash proceeds from the proposed disposal will be utilised for working capital of the MAA group of companies and expenses incidental to the proposed disposal,” MAA said.
In a statement to the exchange, MAA said it has signed a conditional sale and purchase agreement with Jitra Pusaka Sdn Bhd for the disposal of Wira Security Services Sdn Bhd.
“The proposed disposal besides being part of the rationalisation exercise of MAA to focus on its core financial service businesses in Malaysia, also takes cognizance of the fact that Wira is also facing increasing market competition which poses an uncertainty to the future prospects of Wira.
“The cash proceeds from the proposed disposal will be utilised for working capital of the MAA group of companies and expenses incidental to the proposed disposal,” MAA said.
