Atlan disposes of wholly-owned subsidiary for RM175mil
In a filing with Bursa Malaysia, the automotive stamping firm said the disposal of its wholly-owned subsidiary 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.
'As part of this strategy, the company aims to streamline the group's corporate and business structure to enhance operational efficiency and strategic focus.'
Atlan said the disposal will also allow the company to monetise its investment in UI, realising its value in cash while retaining substantial control of UI.
'Proceeds from the proposed disposal are expected to fund key expansion initiatives, including the redevelopment of the Jalan Ampang property and fund potential investments, which is expected to deliver meaningful contributions to the group's revenue and profit in the coming years.
UI is principally involved in the manufacture and supply of automotive parts to original equipment manufacturers in Malaysia.
Atlan holds a 75.53% stake in DFIL.
Upon completion of the proposed disposal, Atlan's effective shareholding in UI will decrease from 100% direct shareholding to 75.53% indirect shareholding, via Atlan's interest in DFIL.
Through the proposed disposal, Atlan said UI will be wholly-owned by DFIL and will be able to access and utilise the surplus funds of DFIL to finance its expansion plans and pursue investments in automotive industries.
'This reorganisation is expected to strengthen UI's financial flexibility and position it to seize new business opportunities aligned with evolving market trends, ultimately supporting long-term growth and competitiveness.'
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