KUALA LUMPUR (May 16): Digital marketing and advertising services firm JcbNext Bhd has disposed of a total of 553,658 shares, representing a 1.7% stake, in Taiwan-listed company 104 Corp for NT$123.04 million (RM18.3 million) between Jan 4 to May 15, 2024.

Following the sale in the open market, JcbNext’s shareholding in 104 Corp has been reduced to 5.61 million shares, or 16.9% from 18.6% previously.

"Based on the disposal consideration, the expected net gain arising from the disposals is RM10.51 million," JcbNext said in a filing with Bursa Malaysia.

The original cost of investment in the 1.7% stake, which was acquired between Oct 1, 2007 and Dec 6, 2010, was RM5.46 million.

JcbNext said the disposals are in line with the company's strategy of diversifying its investment portfolio and reducing concentration risk.

Proceeds from the disposal will be utilised for “investing in other opportunities such as listed equity securities or other private investments that meet the company’s investment objectives," the company noted.

104 Corp is principally engaged in information technology, general advertising services, employment services and human resource consultancy.

JcbNext started trimming its stake in 104 Corp in January, with the group saying it had cumulatively disposed of a 1.8% stake in the Taiwanese company for NT$119.86 million (RM17.67 million), yielding the company a gain of RM9.51 million.