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.
Already a subscriber? Log in.
Limited time offer:
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!