KUALA LUMPUR (March 20): Kuala Lumpur Kepong Bhd (KLK) is exiting its personal care products under the brand name “Crabtree & Evelyn” with the proposed disposal of CE Holdings Ltd for US$155 million (RM465 million).
KLK said on Tuesday that it was disposing the entire 63.74 million shares or 100% stake in CE Holdings to Khuan Choo International Ltd of Hong Kong.
CE Holdings is the investment holding company of its retailing business which manufactures, retails and distributes personal care products under Crabtree & Evelyn.
KLK said the sale of CE Holdings would enable it to exit from a non-core business and instead focus on its core plantations and oleochemical businesses where the returns were significantly higher.
“The proposed disposal is expected to bring in a gain on disposal of approximately 11.5 sen per share for the financial year ending Sept 30, 2012,” it said.