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KUALA LUMPUR, Nov 23 — Pacific & Orient Bhd (POB) and its subsidiary, Pacific & Orient Insurance Co Bhd, has disposed of an aggregate of 14 million ordinary shares in Ancom Nylex Bhd for a total gross consideration of RM12.18 million via direct business transactions.

In a filing with Bursa Malaysia, POB said, following the disposal, the group has a balance of 13.73 million shares in Ancom Nylex.

“The share disposal is to capitalise on the appreciating share price of Ancom Nylex shares. Proceeds from the disposal will be used to fund POB group’s working capital,” it said.

Ancom Nylex is the holding company of Nylex (Malaysia) Bhd and Ancom Logistics Bhd, both of which are listed on the Main Market and ACE Market respectively. — Bernama