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K-One Technology Unit to Dispose of Cloud Unit to Itochu

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K-One Technology (KLSE:K1) subsidiary, K2 Meta, signed a conditional sale and purchase agreement to dispose of its entire stake in G-AsiaPacific to Itochu Singapore and Itochu Corp. (TYO:8001) for 94 million ringgit, according to a Tuesday Bursa Malaysia filing.

Itochu Singapore will acquire 600,000 shares for 56.4 million ringgit, while Itochu Corp. will acquire 400,000 shares for 37.6 million ringgit.

Following the transaction, which is expected to conclude by the fourth quarter of the year, G-AsiaPacific will cease to be the electronics manufacturing services company's subsidiary.

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