KUALA LUMPUR (Aug 13): Shares in GSB Group Bhd fell 2.50% in active trade after its controlling shareholder, the Tee family, decided to sell RM714 million worth of real estate assets to the company for RM714.53 million.

At 9.29am, GSB fell 0.5 sen to 19.5 sen for a market capitalisation of RM107.73 million.

Upon completion of the asset divestment to GSB, the Tee family’s shareholding will be enlarged to 67.33%% from 40.82%, plus it will receive RM100 million cash.

The asset injection by the Tee family, which is deemed to be a related party transaction, will be settled by a combination of cash, redeemable convertible preference shares and share subscription deals.