Texchem to dispose of 51% stake in Acumen Scientific for RM4.28m


KUALA LUMPUR: Texchem Resources Bhd has entered into a share purchase agreement and shareholders' agreement with a US-based company to dispose of 51% stake in Acumen Scientific Sdn Bhd for RM4.28mil.

In a filing with the stock exchange, Texchem said the sale to Merieux Nutrisciences Corp was to dispose of a non-core operating subsidiary while unlocking the value of its investment in the company.

"The Disposal will improve the consolidated net assets per share and gearing of the Group as at 31 December 2019," it said in the filing.

The group will recognise a net gain of about RM4.4mil or 3.65 sen a share for the financial year ending Dec 31, 2019. 

"The net gain consists of the gain of approximately RM2.3 million on disposal of 51% equity interest in Acumen and the gain of approximately RM2.1 million on re-measurement of 49% retained equity interest in Acumen," it said.

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