Juggling eight businesses, chief executive officer Azmir Merican (pic) said that there is still a lot more to be done to blend in all businesses to ensure smooth operation within the company."
PETALING JAYA: UEM Edgenta Bhd
has received the nod from its shareholders to dispose of its 61.2% stake in New Zealand-listed Opus International Consultants Ltd (OIC) for RM528mil, marking its exit from the region.
UEM Edgenta managing director and CEO Datuk Azmir Merican said the disposal would strengthen the group's balance sheet and allow the company to focus on organic growth moving forward.
"Following the disposal of OIC, we will focus on streamlining our operations and drive organic growth by reallocating our resources in three core areas, namely healthcare, infrastructure and real estate," he said.
He was speaking to reporters after the company's shareholders meeting on Thursday.
UEM Edgenta plans to utilise the bulk of the proceeds to pare down its debt from last year's acquisition.
About RM415.2mil of the proceeds will be used for repayment of borrowings and to significantly pare down UEM Edgenta's gearing to 0.22 times from 0.64 times.
The remainder of the proceeds will be used for working capital and the disposal of asset expenses.
Azmir said he expects the disposal to be completed by the end of the year.
When asked about a potential special dividend, he said the decision will be made upon completion of the proposed disposal.
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