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KUALA LUMPUR: MMAG Holdings Bhd has disposed of its entire shareholding and warrants in MSCM Holdings Bhd for a total cash sum of RM18.84mil.

In a filing with Bursa Malaysia, the group said it had entered into a share sale agreement to dispose of 95.21 million shares or about 30% stake in MSCM Holdings Bhd to Hong Seng Assembly Sdn Bhd for RM18.09mil.

In the same filing, the group said it has disposed of 75.17 million warrants in MSCM to Landasan Simfoni Sdn Bhd for RM751,680.

According to MMAG, the proceeds from the proposed disposals will be partially utilised for the purchase of two parcels of freehold land and buildings at Kawasan Perusahaan Valdor in Pulau Pinang from Dynaciate Group Bhd.

On April 22, MMAG had received an extension for the second tranche of payment of RM8.2mil for the purchase of the RM41mil land.

The remaining proceeds would be used for the working capital of setting up the group's northern logistics hub, it said.

As at 12.30pm, shares in MMAG were up three sen or 7.41% to 43.5 sen on the back of 3.32 million shares exchanging hands.

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