PETALING JAYA: Pacific & Orient Bhd (P&O) and its subsidiary, Pacific & Orient Insurance Co, had disposed of 23.26 million Ancom Bhd shares for RM57.63mil.

       P&O said the shares were disposed of via the open market and direct business transactions from Oct 27 to Nov 10.

       “The proceeds from the disposal will be utilised to fund P&O group’s working capital,” it said.

       The original cost of investment from Aug 26, 1997 to Nov 30, was RM16.44mil.

       “The Ancom shares were initially acquired by P&O Group in 1997 as part of the group’s long-term investments.

       “P&O has decided to dispose of the Ancom shares to capitalise on the appreciating share price,” it explained.

       It said the expected gain on the disposal to P&O Group for the year ending Sept 30, 2022 is RM7.14mil.

       The balance of the Ancom Shares held after the disposal is 23.44 million shares.

       Ancom is a diversified group involved in agricultural and industrial chemicals, manufacturing and sale of agricultural and industrial chemicals and provision of pest control among others.

       Other activities are manufacturing and marketing of polymer products, provision of transportation, container haulage, bulk cargo handling, chemicals warehousing and related services, information technology and provision of digital and out-of-home advertising media space.

       Ancom is the holding company of Nylex (M) Bhd and Ancom Logistics Bhd.