Kumpulan Jetson Bhd is disposing of its adhesives and healthcare trading businesses for RM15.8 million as part of its plan to streamline operations and focus on its core automotive anti-vibration parts business.
In a filing with Bursa Malaysia, the group said it has signed a share sale agreement with THH Electrical Engineering Sdn Bhd to sell its entire stake in wholly-owned subsidiary GRP Holdings Sdn Bhd.
GRP Holdings owns businesses involved in adhesives, sealants, pharmaceutical products and medical devices.
Kumpulan Jetson said the disposal is part of its efforts to become a more focused, agile and financially resilient company.
The latest deal comes after an earlier RM14.8 million sale of GRP Sdn Bhd was terminated in March after conditions were not met. The group also cited a fire incident that damaged key factory assets and affected the earlier transaction.
Under the new sale, RM3 million will be paid in cash, while the remaining RM12.8 million will be settled through the assumption of debts and intercompany loans.
The cash proceeds will be used for working capital, including raw materials, production costs, staff expenses, utilities and logistics for its manufacturing units.
