KUALA LUMPUR: Kumpulan Perangsang Selangor Bhd
’s (KPS) wholly-owned unit Bold Approach Sdn Bhd and Yeoh Jin Hoe have signed a conditional share sale agreement with AI Dream (HK) Ltd for proposed divestments of shares in Kaiserkorp Corp Sdn Bhd for RM265.48mil cash.
In a filing to Bursa Malaysia yesterday, the company said the proposed disposal would involve Bold Approach divesting its 44.62 million ordinary shares in Kaiserkorp, representing its 50% equity interest in the company to AI Dream.
It said the exercise would also comprise the divestment by Yeoh, who is a director and shareholder of Kaiserkorp, of 26.77 million ordinary shares in the company, representing his 30% equity interest in Kaiserkorp to AI Dream.
“Following the completion of the proposed divestment, Kaiserkorp will cease to be a subsidiary of Bold Approach and Bold Approach will be holding a 10% equity interest in Kaiserkorp,” KPS said.
The group said the gross proceeds from the proposed disposal would be used mainly for repayment of borrowings amounting to RM188.68mil within 12 months.
“The board believes that the proposed divestment will provide an opportunity for the group to monetise its investment in Kaiserkorp but continue to benefit from the financial performance of the Kaiserkorp group with minimal exposure to the businesses and operations risk of the Kaiserkorp group through Bold Approach’s 10% equity interest in Kaiserkorp,” it added.
Furthermore, the proposed sale would allow the KPS group to recognise an estimated gain of RM117.43mil and generate a return of investment of 272.19%, as well as raise immediate funds of RM265.48mil and channel them towards the proposed utilisation. — Bernama
