Sterling Progress selling subsidiary for RM1.54 million

PETALING JAYA: Sterling Progress Bhd, formerly known as 1 Utopia Bhd, proposes to dispose of Essential Action Sdn Bhd (EASB) for RM1.54 million.
In a filing with Bursa Malaysia, it said the disposal will be satisfied through the settlement of RM1.31 million owing by Sterling Progress to EASB and cash consideration of RM230,000.
Sterling Progress said the disposal will enable it to focus on its distribution of information technology products. EASB is principally involved in the distribution of telecommunication products and services.
EASB had net assets of about RM1.57 million as at March 31, 2016. Its revenue stood at RM15.07 million with a net loss of RM3.79 million.