Mitrajaya to sell 51% stake in Optimax, raising RM5.1m

by **Cals** Wed 15 Apr 2015, 19:52

Mitrajaya to sell 51% stake in Optimax, raising RM5.1m

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By Cynthia Blemin / theedgemarkets.com | April 15, 2015 : 7:22 PM MYT

KUALA LUMPUR (April 15): [size=14]Mitrajaya Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) has agreed to dispose its entire 51% stake in Optimax Eye Specialist Centre Sdn Bhd, raising about RM5.1 million.

In a filing to Bursa Malaysia today, Mitrajaya (fundamental: 1.7; valuation: 1.4) has agreed to dispose all of its interest in Optimax comprising 1.28 million shares, representing 51% of the issued and paid up capital of the latter, at a proposed consideration of RM4 per share.

"Pursuant to the pre-emption terms of the shareholders agreement dated Dec 13, 2001, between the company and Datuk Tan Boon Hock (TBH) in relation to the rights and obligations in relation to Optimax, the company has given notice of this intention to TBH, who is to reply within 30 days of his acceptance," it said.

Otherwise, Mitrajaya shall be entitled to deal with the sale shares in accordance with the terms of the shareholders’ agreement, it added.

It also noted the company will make a further announcement once a definitive agreement has been entered into, in relation to the disposal of the sale shares.

In a separate announcement, the company is also proposing to seek shareholders’ approval at its forthcoming annual general meeting for a proposed renewal of share buy-back.

Mitrajaya shares closed one sen higher at RM1.86 today, for a market capitalisation of RM735.62 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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