Omesti unit sells Formis E Solutions to CTOS for RM26.88m

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

KUALA LUMPUR: Omesti Bhd's unit Man Yau Holdings Bhd is selling its 100% stake in systems integration and appication software company Formis E Solutions Sdn Bhd to  CTOS Holdings Sdn Bhd for RM26.88mil.

Omesti said on Monday that it was acting as guarantor for obligations of Man Yau under the sale and purchase agreement.

Formis's core activities are application software, system integration services and the provision of hardware and software maintenance services but has been dormant since 2014. 

Formis holds 16% in RAMCI which provides  reporting business, credit bureau and information services. 

Ometsi said the original cost of investment in Formis was RM12.48mil in October 1993.

“The disposal was carried out after reviewing the investment portfolio of the company and overall market conditions. In addition, the proceeds from the disposal will also meet the additional working capital needs for the group’s operations,” it said.