OCR sells rubber, baby products firm

PETALING JAYA: OCR Group Bhd today entered into a share sale agreement with a purchaser for the disposal of its 100% equity interest in Takaso Rubber Products Sdn Bhd for RM8 million cash.
Takaso is involved in business of manufacturing of rubber products and baby products and trading in baby accessories and apparels; while its wholly owned subsidiary Takaso Marketing Sdn Bhd is involved in the business of marketing rubber products and baby products.
The disposal sum was derived after taking into consideration Takaso’s audited net assets of about RM6.1 million for the financial year ended July 31, 2017.
Takaso registered a net loss of RM1 million for FY17 due to lower sales volume.
“The disposal enables OCR to stop consolidating Takaso’s losses into the group’s income statements subsequent to the completion of the disposal,” OCR explained.
The gross proceeds from the disposal is to be utilised for working capital purposes.