Kumpulan Jetson (KLSE:JETSON) unit GRP Holdings agreed to dispose of 100% equity in GRP to Ng Boon Hong for 14.8 million ringgit.

The deal consideration comprises 3 million ringgit in cash, and 11.8 million ringgit via assumption of indebtedness, according to a Tuesday Malaysian bourse filing.

GRP manufactures adhesives and sealants, and the disposal will streamline Kumpulan Jetson's manufacturing portfolio.

Proceeds from the sale will be used for general corporate purposes and to support future growth initiatives, it said.

The company expects the deal to be completed within 90 days from Jan. 9, subject to conditions precedent.