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KPS selling entire stake in Taliworks
by Cals Thu 10 Oct 2013, 09:02
Published: Thursday October 10, 2013 MYT 12:00:00 AM
Updated: Thursday October 10, 2013 MYT 7:32:27 AM
KPS selling entire stake in Taliworks
PETALING JAYA: State-owned Kumpulan Perangsang Selangor Bhd (KPS) is selling its entire 16.92% stake in Taliworks Corp Bhd for RM66.48mil, or 90 sen a share, which will see it take a hit of RM43.77mil.
The firm said in a filing with Bursa Malaysia yesterday that it had been “approached” by LGB Holdings Sdn Bhd, a major shareholder of Taliworks, to divest its 73.87 million shares in the thinly traded water treatment plant operator over four off-market transactions, which have been, or are in, the process of being carried out.
As at yesterday, KPS had sold 55.87 million shares in Taliworks, leaving it with a 4.12% interest.
Although KPS’ original cost of investment in Taliworks was RM46.24mil, it will still have to account for a loss of RM43.77mil at the group level after stripping out post-acquisition profits of RM92.32mil.
KPS said the offer compared favourably to Taliworks’ net asset per share of 30.08 sen, adding that the price was fair given its non-controlling stake, the low volume of trading in Taliworks’ shares and minimal expected dividends over the next three to five years as Taliworks sorts out a wastewater project in China.
KPSB closed three sen higher at RM2.03 with 1.93 million shares done, while Taliworks was unchanged at 96 sen.
Updated: Thursday October 10, 2013 MYT 7:32:27 AM
KPS selling entire stake in Taliworks
PETALING JAYA: State-owned Kumpulan Perangsang Selangor Bhd (KPS) is selling its entire 16.92% stake in Taliworks Corp Bhd for RM66.48mil, or 90 sen a share, which will see it take a hit of RM43.77mil.
The firm said in a filing with Bursa Malaysia yesterday that it had been “approached” by LGB Holdings Sdn Bhd, a major shareholder of Taliworks, to divest its 73.87 million shares in the thinly traded water treatment plant operator over four off-market transactions, which have been, or are in, the process of being carried out.
As at yesterday, KPS had sold 55.87 million shares in Taliworks, leaving it with a 4.12% interest.
Although KPS’ original cost of investment in Taliworks was RM46.24mil, it will still have to account for a loss of RM43.77mil at the group level after stripping out post-acquisition profits of RM92.32mil.
KPS said the offer compared favourably to Taliworks’ net asset per share of 30.08 sen, adding that the price was fair given its non-controlling stake, the low volume of trading in Taliworks’ shares and minimal expected dividends over the next three to five years as Taliworks sorts out a wastewater project in China.
KPSB closed three sen higher at RM2.03 with 1.93 million shares done, while Taliworks was unchanged at 96 sen.
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