KUALA LUMPUR: Bolton Bhd, through its wholly-owned subsidiary Kenneison Brothers Sdn Bhd, is selling its remaining 150,000 shares in Kenneison Builders Sdn Bhd for RM203,171.

In a filing to Bursa Malaysia on March 31, the developer said the 150,000 shares of RM1 each in Kenneison Builders, representing 60% of its equity interest, will be sold to Golden Prima Entity Sdn Bhd.

Accordingly, Kenneison Builders shall cease to be a direct subsidiary of Kenneison Brothers and an indirect subsidiary of Bolton. This will enable the latter to divest its construction business and fully concentrate on property development activities, the company added.

Golden Prima Entity, whose principal activities are civil engineering and construction works is a company incorporated by the senior management of Kenneison Builders. It held a 40% equity interest in Kenneison Builders prior to the disposal.

The authorised share capital of Kenneison Builders is RM1 million, comprising of one million shares of RM1 each, of which 250,000 shares of RM1 each have been issued and paid up. The original cost of investment by Kenneison Brothers for the 150,000 ordinary shares in Kenneison Builders was RM150,000.

The consideration for the disposal was derived after taking into consideration the net tangible assets of Kenneison Builders as at Feb 28.
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