Malton Bhd has proposed to dispose of its 20 per cent entire equity interest in Austin Heights Sdn Bhd (AHSB)to Southcon Builders Sdn Bhd for RM34 million.
In a filing to Bursa Malaysia, Malton said the disposal would enable it to realise its shared profits in the investment in AHSB.
"Furthermore, the disposal will enhance the cash flow position of the group and support the core business of property development and construction," it added.
It said the proceeds from the proposed disposal would be utilised to finance the working capital requirements of Malton within 12 months from the receipt of the disposal consideration.
"The disposal will not have any material impact on the net assets and net earnings per share for the financial year ending June 30, 2012.
"Nevertheless, upon completion of the disposal, Malton will make an estimated gain on disposal of RM12,730,000 and RM3,927,000 at the company and group level respectively, based on the latest available unaudited financial statement of AHSB as at Dec 31, 2011," it added.
The disposal is expected to be completed within the financial year ending June 2013.
By Bernama
Friday, April 27, 2012
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