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.
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