In a filing with Bursa Malaysia, the track and trace solutions provider said the disposal would enable it to reposition its financial resources and commitments to other business within Malaysia as well as the nearby regions.
In September last year, SMTrack’s equity interest in the US-incorporated SII was diluted from 94.01% to 31.61% as a result of issuance of restricted common stocks in SII to new shareholders. Yap Chee Song becam the biggest shareholder with 42.67% stake.
SII is involved in the information technology and solution in providing food traceability, the radio frequency identification (RFID) solutions, near field communications, track and trace services and micro payment services.
Save for Yow Lock Sen, who is the chief executive officer and major shareholder of SMTrack and director of SII, none of the director, major shareholders of SMTrack and persons connected to them have any interest, direct or indirect, in the disposal. Yow has no interest, direct or indirect (other than via SMTrack), in the shares of SII.
Earlier this month Yow resigned as managing director, citing health reasons. However, he would remain as CEO for six months pursuant to his employment contract with the company.
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