KUALA LUMPUR: Berjaya Corp Bhd (BCorp) has proposed to dispose its entire 100 per cent stake in Berjaya Green Resources Environmental Engineering (Foshan) Co. Ltd (BGREE) to Foshan Water & Environmental Investment Co Ltd for RMB78.50 million (RM50.87 million).
In an exchange filing today, BCorp noted the disposal provides an opportunity for the company to realise its investment in BGREE.
The deal would not have any effect on the issued share capital as well as substantial shareholders in BCorp, it added.
“The disposal is not expected to have any material impact on the consolidated earnings and net assets of BCorp for the current financial year ending April 30, 2018,” it said.
However, BCorp said the disposal is expected to result in a pre-tax gain of about RM42.29 million.
Foshan Water was incorporated in Foshan, Guangdong, PRC in 1964 and is principally involved in raw water development and supply, interregional water transfer, urban water supply and drainage, sewage treatment, sludge treatment, and other water and environmental protection related services.