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The Company has on 21 August 2007 entered into a
Share Sale Agreement to dispose its 10,000,000 ordinary shares of
RM1.00 each representing 100% equity interest in Torsco Sdn Bhd (“Torsco”)
to Kencana HL Sdn Bhd (“KHL”) for a cash consideration of
RM74,624,582 or RM7.462 per share realizing a gain of approximately
RM16 million.
Torsco and KHL is
a wholly-owned subsidiary of the Company and Kencana Petroleum
Berhad respectively. The principal activities of Torsco are
engineering, fabrication and construction works. The proposed
disposal is to enhance the return on assets of the Group and to
unlock value in its non-core assets.
None of the Directors nor substantial shareholders of
the Company, or persons connected with them, has any interest,
direct or indirect, in the transaction, and no approval of
shareholders is required. The transaction is subject to the
approval of Foreign Investment Committee and is expected to be
completed by December 2007. The transaction is not expected to have
any significant effect on the earnings per share or net assets per
share of the Group for the financial year ending 31 March 2008. |
