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Wednesday, 21 October 2026

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Hua Yang Clarifies Disposal of Magna Prima Shares by Subsidiary

By Katherine (Kay)1 min read

KUALA LUMPUR: Hua Yang Berhad (HYB; 5062) has issued a correction regarding its recent announcement on the disposal of shares in Magna Prima Berhad (MPB) by its wholly owned subsidiary, Prisma Pelangi Sdn Bhd (PPSB).

The company clarified that the disposal took place on September 18, 2025, not September 17 as previously stated.

PPSB disposed of 22,600,000 ordinary shares in MPB, representing approximately 5.66% equity interest (excluding treasury shares), for a cash consideration of RM16.498 million through a direct business transaction.

Following the disposal, PPSB continues to hold 80,289,940 MPB shares, amounting to about 20.11% equity interest in the company.

Use of Proceeds and Transaction Details

HYB said proceeds from the disposal will be used to partially settle the group’s bank borrowings.

The transaction is not subject to shareholder approval, as the highest percentage ratio involved is 3.43%.

HYB confirmed that none of its directors, substantial shareholders, or connected persons has any direct or indirect interest in the disposal.

The board stated it is of the opinion that the disposal is in the best interest of the group.

Author

  • Kay like to explores the intersection of money, power, and the curious humans behind them. With a flair for storytelling and a soft spot for market drama, she brings a fresh and sharp voice to Southeast Asia’s business scene.
    Her work blends analysis with narrative, turning headlines into human stories that cut through the noise. Whether unpacking boardroom maneuvers, policy shifts, or the personalities shaping regional markets, Kay offers readers a perspective that is both insightful and relatable — always with a touch of wit.