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PETALING JAYA: Muar Ban Lee Group Bhd (MBL) is selling its entire stake in its wholly owned unit Theron to XOX (Hong Kong) Ltd for RM19.25mil.

XOX is a unit of XOX Bhd which is principally involved in investment holding, a circular to the Bursa Malaysia said.

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Theron, which is an investment holding company holds 98.09 million shares of Symphony Life Bhd.

“In this respect, the MBL group is expected to record a net pro forma gain on disposal of approximately RM48.89mil which expected to increase the net assets and earnings of the group,” it said.