Rich Batam was sold to an independent third party, Yi Chengshu, for $1. Based on Rich Capital’s FY2024 financial results, the subsidiary has negative equity value of $0.16 million. This includes $0.17 million owed to the company and will be “forgiven” prior to the completion of the disposal.
Rich Capital also recorded a non-controlling interest relating to Oxley Batam, which Rich Batam owns 80% of, amounting to $1.08 million. The remaining 20% stake in Oxley Batam is held by Oxley International Holdings.
If the disposal had been completed on Sept 30, 2024, Rich Capital would have logged a gain on disposal of the same amount.
Rich Capital will release its 1HFY2026 results on or before Nov 14.
Shares in Rich Capital closed flat at 0.1 cent on Oct 28.
