Wah Seong Corp Bhd's wholly-owned indirect subsidiary, Yadong Anti-Corrosion (Int) Co Ltd (YAC), is proposing to dispose of all its shares in Arabian-Yadong.
In a filing to Bursa Malaysia, the company said it also proposed to dispose machinery and equipment for the external coating of steel pipes, including auxiliary equipment, industrial utilities, attachments, tooling, spare parts, all designs and drawings, plans, manufacturing data, technical publications and other documents related thereto Riyadh Assets.
YAC entered into two separate agreements with Arabian Pipes Co (APC) to effect the sale of shares and assets at USS$3.452 million (equivalent to RM10.536 million).
Arabian-Yadong, set up as a 50:50 joint venture company by YAC and APC, mutually agreed to terminate the venture and entered into the sale and purchase of the shares and assets as part of the termination process.
Upon the proposed disposal of shares, YAC will cease to be a shareholder of Arabian-Yadong. -- Bernama
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