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Hi-P unit disposes of investment in startup for RM52.6m
MOULDING company Hi-P International said on Wednesday its indirect wholly owned subsidiary Hi-P (Shanghai) International Trading Co has disposed of its investment in a startup, comprising 4.44 per cent of the total shareholding of the said company, for RM52.6 million (S$18.3 million).
The cost of investment in the undisclosed startup was RM2.2 million.
Hi-P expects to register a pre-tax gain on disposal of investment of RM50.4 million upon completion of the disposal.
The disposal is expected to have a positive impact on the group's financials for the financial year ending Dec 31, 2016, said Hi-P.