KUALA LUMPUR: General Corp Bhd (GCB) will dispose of its entire operations (including assets and liabilities) to Consistent Record Sdn Bhd (CRSB) for RM505.044 million. GCB entered into a conditional sales and purchase agreement with CRSB as announced on Bursa Malaysia on May 19.

CRSB is wholly-owned by Tan Sri Datuk Low Keng Huat and Datuk Marco Low Peng Kiat, who are also major shareholders of GCB. The disposal will be satisfied with payment of RM290.83 million in cash and RM214.21 million left owing by CRSB to GCB.

The proceeds of the disposal will be used to wind up GCB. The board will consider an appropriate time to recommend to shareholders of GCB to agree with the wind up.

Once the wind up is approved by the shareholders, cash payment shall be distributed to all shareholders of GCB, other than CRSB, the relevant family members, persons acting in concert (PAC) that will be RM1.70 per GCB share with full settlement of the deferred amount.
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