KUALA LUMPUR: Revenue Group Bhd
has entered into a share sales agreement with Datasonic Group Bhd for the proposed disposal of its entire 51% equity interest in Innov8tif Holdings Sdn Bhd for RM40mil cash.
In a stock exchange filing, Revenue said it had resolved to divest its investment in Innov8tif and focus its efforts and resources to focus on the electronic transaction processing segment and the digital payment services segment, which will continue be one of the key contributors to the group’s revenue.
Revenue said it had acquired the 717,570 shares in Innov8tif for RM36mil cash on June 16, 2023.
Less the net carrying value of the equity interest in Innov8tif as at Sept 30, 2023, goodwill and estimated expenses from the proposed disposal, Revenue expects to realise a net pro forma gain of about RM2.61mil from the proposed disposal.
It said the proceeds will go towards working capital and offsetting the expenses of the proposed disposal.
If successful, the proposed disposal is expected to be completed in the second quarter of 2025.
