Currently, Boustead owns a 30% stake in Jendela while Cascara owns 40% and Lembaga Tabung Angkatan Tentera (LTAT) the remaining 30%. Casara is controlled by Tan Sri Bustari Yusuf and Ahmadi Yusoff, who own 50% each.
Boustead said on Tuesday the sale of 12.60 million shares in Jendela was an opportunity for the Boustead Holdings to realise its investment in Jendela to Cascara at a premium over the adjusted effective net assets of Jendela.
“The proposed disposal will enable the Boustead group to realise a net gain on disposal of approximately RM194.46mil based on the Boustead Group’s cost of investment and after adjusting for share of losses, impairment of goodwill, tax and expenses arising from the proposed disposal,” it said.
The sale would enable it to strengthen its liquidity and cash flow position by raising gross cash proceeds of RM180mil which would be utilised for working capital.
Boustead said the sale consideration had taken into account the adjusted unaudited net assets of Jendela as at Nov 30 of about RM299.79mil, after adjusting for the net revaluation surplus of RM420.48mil arising from the revaluation of the Jendela land.
Boustead’s original cost of the Jendela shares was RM12.6mil.