Omesti disposes of 12.63% stake in Microlink for RM74.25mil

KUALA LUMPUR: Omesti Bhd’s wholly owned subsidiary Omesti Holdings Bhd (OHB) has entered into share sale agreements with Gading Sari Ventures Sdn Bhd and Mary Anne Woon Lai Kheng for the disposal of 135 million ordinary shares in Microlink Solutions Bhd for RM74.25 million.

In a filing with Bursa Malaysia today, Omesti said the proposed disposal represented 12.63 per cent of the total number of issued shares of Microlink at an average of 55 sen per Microlink share.

"Following the disposals, OHB now holds a balance of 390.59 million Microlink shares, representing 36.55 per cent equity interest in the company,” said the technology group.

It also said the proposed disposals would be utilised to pare down its borrowings and for working capital such as payment to trade and other creditors, salaries and other operating expenses.

Omesti said that the proceeds are expected to be utilised within six months from the date of receipt but it had not determined the proportions of the proceeds to be used at this juncture.

The exercise is part of its operational and organisational restructuring to streamline and re-align entities within the group.

Meanwhile, in a separate filing, Omesti announced the award of 5.62 million new ordinary shares to its eligible employees under the restricted share plan and the employees’ share grant plan. - Bernama