KUALA LUMPUR: Insas Bhd
has disposed of 150 million shares in Inari Amertron Bhd for approximately RM318.1 million in cash as part of a move to realise capital gains and monetise part of its investment in the semiconductor company.
In a filing with Bursa Malaysia, Insas said the disposal was carried out on July 2 through its wholly owned subsidiaries, Insas Plaza Sdn Bhd, Insas Technology Bhd and Media Lang Ltd, via direct business transactions.
Following the disposal, Insas' shareholding in Inari has been reduced to 218.05 million shares, representing a 5.7% stake.
The shares were sold at RM2.12 apiece, representing a discount of 8.62% to Inari's closing price of RM2.32 on July 1.
“The disposals allow Insas Group to realise capital gains and monetise part of its investment in Inari,” it said.
Insas expects to book a net gain on disposal of approximately RM165mil after accounting for taxes, direct transaction costs and its share of Inari's post-acquisition profits and reserves.
The proceeds will be used primarily for working capital, which will account for RM259.7mil, while RM50mil will be allocated to repay revolving credit facilities. The balance will be used to cover transaction-related costs and taxes.
The company said the disposal is expected to improve its financial position, with net assets per share rising to RM3.97 from RM3.72, while gearing is projected to ease to 0.14 times from 0.17 times.
Insas noted that, over the past 12 months, it had disposed of a net 293.3 million Inari shares and acquired 3.32 million shares, involving aggregate transactions valued at approximately RM611.3mil. The cumulative transactions are expected to generate a net gain of about RM285mil.
