KUALA LUMPUR: Goldsis Bhd is disposing of its entire 78.15% stake in Hoepharma Holdings Sdn Bhd for RM289 million to Tokyo listed Taisho Pharmaceutical Co.

It said on Thursday, April 7 that six other individuals who collectively own the remaining 21.85% stake in Hoepharma were also disposing of their shares for RM81 million.

The six are Khoo Joo Lee, Hum Hoe Mei, Lee Boon Kian, Kwek Eng Lam, Woon Kim Toon and Soh Thian Boon.

As at the financial year ended Jan 31, 2011, Hoepharma had deposits of about RM9.8 million in addition to cash and bank balances of about RM12.9 million. HOE Pharmaceuticals Sdn Bhd, a unit of Hoepharma owns seven shop lots with strata titles.

'The proposed disposal provides a timely opportunity for Goldis to realise and unlock the value of its investment in Hoepharma group. The proposed disposal will enable Goldis Group to focus on its core business operations and to raise funds for part settlement of its borrowings and/or invest in other businesses.

'Upon the completion of the proposed disposal, Goldis Group will be principally involved in investment holding, property investment holding, manufacturing of information and communication TECHNOLOGY [] services, paper manufacturing, provision of engineering services for water treatment plans and related services and aquaculture,' it said.