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Article: Kenanga to sell stake in Dubai advisory

Article from:
New Straits Times
Article date:
July 14, 2009
Author:
Copyright

Jeeva Arulampalam
New Straits Times
07-14-2009
Kenanga to sell stake in Dubai advisory
Byline: Jeeva Arulampalam
Edition: Main/Lifestyle
Section: Business Times
Type: Company

FINANCIAL services group K&N Kenanga Holdings Bhd is selling its stake in a Dubai-based advisory as it does not expect contributions in the near future, says its top official.

The group is selling its entire stake of 51 per cent in Mena Financial Group Ltd for US$1.12 million (RM4 million), after having pumped in some US$2.5 million (RM9 million) initially in 2007.
"The unit has never made money and has been burning cash so we decided this would be the best time to dispose of it," group director Tengku Zafrul Aziz ...

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