KUALA LUMPUR, Diversified Gateway Solutions Bhd (DGSB) is proposing to dispose of 24,500 ordinary shares in ISS Consulting (Thailand) Ltd to Germany-based Itelligence AG for RM32.03 million.
The move will allow DGSB to unlock the value of its overseas investment amid the strong Thai Baht and use its earnings to invest further in its existing operations in Malaysia, the company said in a filing with Bursa Malaysia today.
Upon completion of the proposed disposal, the company will continue to grow its digital media and infrastructure services and expand its food technology and manufacturing business.
Among other things, DGSB said the proceeds will be used for working capital purposes, repayment of bank borrowings and a special dividend payout.
The company will also be paying Wisit Wirayagorn, managing director of ISS Thailand, a Golden Handcuff incentive of RM4.5 million.
It said Wisit will also be required to sign a new employment agreement with ISS Thailand from the completion date of the deal on mutually acceptable terms.
Source: BERNAMA (News Agency)