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Glomac disposes of entire stake in WHA Glomac Alliance

KUALA LUMPUR: Glomac Bhd has proposed to dispose of its entire 49 percent equity interest in WHA Glomac Alliance Co Ltd, a company incorporated in Thailand, for a total consideration of 286,913,696 baht (RM30,917,424.14).

The share sale and purchase agreement was signed between Glomac Thailand Sdn Bhd, a subsidiary of Glomac, with WHA Corporation Co Ltd on Wednesday, Sept 14.

"The board, having considered all aspects of the proposed disposal, is of the opinion that the proposed disposal is in the best interest of the Glomac Group," Glomac said in a filing with Bursa Malaysia.

The proposed disposal is expected to be completed by end of September 2011. — Bernama

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