PETALING JAYA: Mudajaya Group Bhd
’s shareholders have been advised to vote in favour of the proposed disposal of a 45% stake in Real Jade Ltd to major shareholder Minyi Holdings Ltd (MHL) for HK$234mil (RM118.45mil) to settle debts owed to MHL.
In a circular dated Oct 21, independent adviser SCS Global Advisory (M) Sdn Bhd said the proposed disposal was “fair and reasonable and not detrimental to the interests of non-interested shareholders.” It recommended that shareholders vote in favour of the resolution at the company’s EGM on Nov 5.
SCS Global said the proposed consideration was above the net asset-based valuation of HK$150.49mil by independent business valuer Asia Equity Research Sdn Bhd but within the HK$224.68mil to HK$248.45mil range derived using the free cash flow to firm method.
The proposed disposal involves Mudajaya’s unit Xelmont Ltd selling the stake to MHL.
