PETALING JAYA: Sunview Group Bhd
’s indirect wholly-owned subsidiary, Vafe System Sdn Bhd has sold its 22.44% equity interest in Winstar Capital Bhd (WCB) or 70,034,999 ordinary shares for RM30.1mil at 43 sen per share.
In a filing with Bursa Malaysia, Sunview said the disposal represents all of the shares held by Vafe in WCB.
Vafe has entered into nine separate conditional share sale agreements with Chua Nyok Chong, Chua Boon Hong, Lee Yong Zhi, Khoo Nee Cheng, Datuk Low Chin Koon, Ng Cheng Keng, Phuah Hue Shun, Por Teong Eng and Chu Kerd Yee.
Nyok Chong, Boon Hong and Lee are directors of WCB, with a shareholding of 24.18%, 8.02% and 7.87% respectively.
Sunview said the disposal price is at a premium of 65.38% or 17 sen to the cost of investment of the WCB shares at 26 sen per share. It also represents a premium of 16.22% or RM0.06 to the net book value of WCB shares at 37 sen per share as at Sept 30, 2025.
Sunview said the disposal will be satisfied via cash in tranches and that upon the completion of the proposed disposal, Sunview Group is expected to record a proforma gain of RM6.8mil. The total investment amount of the 22.44% stake is RM18mil.
Sunview said the proposed disposal provides an avenue for the group to realise its investment in WCB and strengthen its cash flow position.
The company said it will utilise the proceeds from the disposal as working capital for engineering, procurement, construction and commissioning projects (RM18.12mil) and repayment of bank borrowings (RM11.79mil).
The rest of the proceeds will go towards defraying estimated expenses in relation to the proposed disposal (RM209,000).
