Atlan Holdings to dispose of 100pct equity interest in United Industries for RM175mil
The transaction involves the sale of 37.7 million shares, representing 100 per cent equity interest in UIHSB, Atlan said.
"The proposed disposal is intended to strengthen the company's financial position by providing additional capital to support its working capital requirements and drive the expansion of its property and hospitality business as well as fund potential investments," it said in a filing with Bursa Malaysia today.
Atlan said it plans to utilise RM60 million for redeveloping its property located in Jalan Ampang, Kuala Lumpur; RM78.50 million for potential investments that complement its existing business; and RM30 million for working capital.
"The disposal will also allow the company to monetise its investment in the United Industries Group, realising its value in cash while retaining substantial control of the group," it said.
The disposal to Singapore-based DFIL is expected to be completed by the fourth quarter of 2025.
It is subject to the approval of Atlan's shareholders as well as the non-interested shareholders of DFIL.
Meanwhile, DFIL said in a statement that the proposed acquisition of UIHSB represents a strategic initiative by the group to diversify beyond its existing core business in duty-free and duty-paid retailing in Malaysia.
"While the duty-free segment continues to be a key revenue contributor, the board acknowledges the need to mitigate concentration risk and enhance the group's long-term resilience by expanding into business sectors that is able to provide stable recurring income," it added.
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