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NewsCensof extends MGO for remaining Time Engineering shares
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Censof extends MGO for remaining Time Engineering shares
by Cals Thu 10 Oct 2013, 02:30
Published: Wednesday October 9, 2013 MYT 9:44:00 PM
Updated: Wednesday October 9, 2013 MYT 9:45:54 PM
Censof extends MGO for remaining Time Engineering shares
KUALA LUMPUR: Censof Holdings Bhd, as expected, extended the mandatory general offer (MGO) for the remaining 54.97% stake in Time Engineering Bhd at 20 sen each.
Censof said on Wednesday it was obliged to extend the MGO after the acquisition of 349.11 million shares or 45.03% of Time Engineering for 20 sen cash per share on Sept 12.
To recap, on Sept 12 Censof had entered into a conditional shares sale and purchase agreement with Khazanah Nasional Bhd to acquire the 45.03% for RM69.82mil at 20 sen a share.
Khazanah had also said on Sept 12 the decision was made following an extensive tender process to select a suitable new shareholder.
The divestment price was determined based on the fundamentals of Time Engineering, reflecting the remaining concession period with the Customs Department up to September 2014 by Time Engineering’s majority-owned subsidiary,Dagang Net Technologies Sdn Bhd (DNT), and two other subsidiaries which are operating at a loss.
TIME’s main business is providing solutions for e-commerce, cyber security and integrated intelligent infrastructure. It ended the first half of its 2013 financial year with an earnings (before interests, tax, depreciation and amortisation) of RM14mil and pre-tax profit of RM7.08mil, while net assets stood at 11 sen per share.
Updated: Wednesday October 9, 2013 MYT 9:45:54 PM
Censof extends MGO for remaining Time Engineering shares
KUALA LUMPUR: Censof Holdings Bhd, as expected, extended the mandatory general offer (MGO) for the remaining 54.97% stake in Time Engineering Bhd at 20 sen each.
Censof said on Wednesday it was obliged to extend the MGO after the acquisition of 349.11 million shares or 45.03% of Time Engineering for 20 sen cash per share on Sept 12.
To recap, on Sept 12 Censof had entered into a conditional shares sale and purchase agreement with Khazanah Nasional Bhd to acquire the 45.03% for RM69.82mil at 20 sen a share.
Khazanah had also said on Sept 12 the decision was made following an extensive tender process to select a suitable new shareholder.
The divestment price was determined based on the fundamentals of Time Engineering, reflecting the remaining concession period with the Customs Department up to September 2014 by Time Engineering’s majority-owned subsidiary,Dagang Net Technologies Sdn Bhd (DNT), and two other subsidiaries which are operating at a loss.
TIME’s main business is providing solutions for e-commerce, cyber security and integrated intelligent infrastructure. It ended the first half of its 2013 financial year with an earnings (before interests, tax, depreciation and amortisation) of RM14mil and pre-tax profit of RM7.08mil, while net assets stood at 11 sen per share.
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