PETALING JAYA: Oil and gas services provider Deleum Bhd
has entered into a heads of agreement to sell its 86.67% stake in Deleum Technology Solutions Sdn Bhd (DTS) to Ace Market-listed Ocean Vantage Holdings Bhd for RM13mil.
In a filing with Bursa Malaysia, Deleum said the proposed disposal involves its wholly owned subsidiaries, Deleum Services Sdn Bhd and Delcom Holdings Sdn Bhd, which hold 60% and 26.67% stakes in DTS respectively.
The consideration is based on a valuation of RM15mil for the entire equity of DTS.
DTS provides integrated corrosion and inspection services, blasting technology, and maintenance, construction and modification services for tanks, vessels, structures and piping.
Deleum said the disposal is part of its strategy to “optimise” its asset portfolio and focus resources on businesses aligned with its priorities.
“The proceeds from the proposed disposal will enable the group to strengthen its financial position and provide greater flexibility to redeploy capital towards businesses and opportunities with stronger earnings visibility and growth potential,” it said.
Separately, Datuk Halmi Khalid, DTS’s remaining minority shareholder with a 13.33% stake, has entered into a separate heads of agreement to sell his entire stake to Ocean Vantage.
The two transactions are inter-conditional, with Ocean Vantage intending to acquire 100% of DTS.
The parties are expected to enter into the sale and purchase agreements within 90 days of the heads of agreement, unless an extension is agreed.
