Apex Equity records gain of RM14.9m from Australia firm sale (5568)

KUALA LUMPUR: Apex Equity Holdings Bhd expects to record a gain of RM14.9mil from the disposal of 17 million shares in Finbar Group Limited, which is listed on the Australian Stock Exchange.
It said on Thursday that its Australian stockbroker, Investorfirst Securities Ltd, had disposed 17 million Finbar shares of A$1 each for A$17mil (RM54.84mil)
Finbar,
which is a property investment and development company in Perth,
Australia, builds apartments, town houses, residential and specialised
commercial buildings in the Perth metropolitan area.
It has a paid-up capital of A$132mil, divided into 214.17 million shares.
Apex
Equity said the rationale for selling the Finbar stake was due to
global economic uncertainties and the negative outlook for global stock
markets.
"The strong Australian currency provide an opportunity
to realize the gain on investment which has appreciated substantially,"
it said
Apex Equity said the proceeds would be first used for
working capital purposes and those not needed for working capital be
distributed to the shareholders.