5 days ago
Cloudaron to dispose of assets to Swedish firm
PETALING JAYA: Cloudaron Group Bhd is proposing to dispose of its entire stakes in Cloudaron Pte Ltd and DACS Network Solutions Sdn Bhd to Sweden's Abelco Investment Group AB for €7.8mil or approximately RM38.45mil.
In a filing with Bursa Malaysia yesterday, Cloudaron said payment for the transaction will be fully in 17.94 billion new Abelco shares at Swedish krona 0.005 each, representing around 88.68% of Abelco's enlarged share base.
Following completion, Cloudaron plans to distribute all Abelco shares it receives to its shareholders via a capital reduction and dividend-in-specie.
The deal, deemed a major disposal and related party deal due to the involvement of non-executive chairman Datuk Gan Nyap Liou, is expected to result in a RM25.58mil loss for Cloudaron and leave it without active subsidiaries, potentially affecting its Bursa Malaysia LEAP Market listing status.
