Hovid sells India unit stake.

Hovid Bhd is disposing its 51% stake in Indian pharmaceutical and consumer products company, Biodeal Pharmaceuticals Pte Ltd (BPPL) for 102 million Indian rupees (RM5.6mil).

In a filing with Bursa Malaysia, Hovid said it would make RM986,000 from the share sale.

It also expected its gearing to improve as BPPL’s liabilities, which included unsecured loans of RM5.79mil would no longer be included in the group.

BPPL made losses of RM112,000 and RM109,000 in financial years 2012 and 2013 respectively.
Hovid said it intended to use the proceeds for working capital.

Source: the STAR 09-04-2014

Disclaimer: Views or opinions expressed are solely those of the Author and should be used with discretion. The Author shall not be held liable for any acts or omissions arising from the use of the information. The user will be personally liable for any damages or other liability arising hereof.

Post a Comment