PETALING JAYA: The major shareholders of PCCS Group Bhd, via CCSB Sdn Bhd, are buying out non-earnings accretive wholly-owned subsidiary Mega Label (M) Sdn Bhd (MLMSB) and Mega Label (Penang) Sdn Bhd for RM8.5mil.

       This disposal will result in a one-off gain of RM6.26mil and also see PCCS’ cash level increasing by RM38mil, the textile firm said in a statement.

       This will give PCCS a total cash balance of about RM95mil.

       MLMSB is part of the label and packaging division of PCCS, which is involved in the printing of labels and stickers for garment and other products.