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Wong Engineering Cuts Stake in Associate for MYR6 Million

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Wong Engineering (KLSE:WONG) agreed to sell a 10% equity interest in associate Broadway Lifestyle to Econ Property Management for 6.3 million ringgit in cash, according to a Tuesday Malaysian bourse filing.

The disposal comprises 250,000 ordinary shares and 5.15 million redeemable non-cumulative preference shares.

Following completion, Wong Engineering's stake in the associate will be reduced to 25% from 35%.

The company expects the disposal to rebalance and monetize its investment portfolio to support its core precision engineering business.

Proceeds will be used for working capital and repayment of bank borrowings.

The deal is expected to be completed by Oct. 21, it said.

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