PNB, UMW to sell 3 more firms to qualified Bumis

The companies are U-Travelwide Sdn Bhd (U-Travel), U-Insurance Sdn Bhd and Inobel Sdn Bhd


KUALA LUMPUR: Permodalan Nasional Bhd (PNB), through investee company UMW Holdings Bhd, has announced plans to sell three more firms, namely U-Travelwide Sdn Bhd (U-Travel), U-Insurance Sdn Bhd and Inobel Sdn Bhd to qualified Bumiputera entrepreneurs.

"The proposed divestments will be carried out via the process of open tender," UMW and PNB said in an advertisement published in Business Times yesterday.

At a Bumiputera Agenda Action Council meeting on February 9, Prime Minister Datuk Seri Najib Razak announced that PNB would sell five assets to Bumiputera companies.

On May 31, PNB announced plans the sale of its first non-core company, FEC Cables (M) Sdn Bhd.

The disposals are part of the plan by Unit Peneraju Agenda Bumiputera, a unit under the Prime Minister's Department, to grow and enhance Bumiputera entrepreneurship.

According to the advertisement, UMW has proposed to divest 300,000 ordinary shares of RM1 each, representing 100 per cent of the issued and paid-up share capital of U-Travel, which was incorporated in 1982 with principal activity in the provision of travel agency services.

"The interested bidder must acquire all the U-Travel shares held by UWM Corp Sdn Bhd, a wholly-owned subsidiary of UMW Holdings.

The bidder shall develop the company and ensure that its equity stake in U-Travel does not fall below 51 per cent for a period of five years from the completion date of the acquisition," according to the advertisement.

Under the proposed divestment of U-Insurance, the bidder must acquire all the 100,000 shares of RM1 each held by UMW Corp.

U-Insurance, incorporated in 1974, is an authorised insurance agent for conventional and takaful insurance products.

For the proposed Inobel sale, the bidder must buy all the 4.8 million shares of the company, of which 66.8 per cent is held by UMW Corp and the remaining 33.12 per cent by the latter's subsidiary, UMW E-Technologies Sdn Bhd.

Incorporated in 1993, Inobel's current products and services include Voice Over Internet Protocol services and mobile phone and portable satellite antenna trading.

Pre-qualification submission for the three companies must reach MIDF Amanah Investment Bank Bhd by 5pm on July 31 2012.