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NewsNaim sells 15m Dayang shares for 379% gain
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Naim sells 15m Dayang shares for 379% gain
by Cals Mon 13 Jan 2014, 18:23
| Naim sells 15m Dayang shares for 379% gain |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Monday, 13 January 2014 13:26 |
KUALA LUMPUR (Jan 13): Naim Holdings Bhd announced that it had on Jan 9 and Jan 10 disposed off 15 million shares or 2.7% stake in Dayang Enterprise Holdings Bhd on the open market for RM84,008,025.
“The proceeds represent a premium of RM4.43 per share or 378.6% above the unaudited net asset per share of Dayang of RM1.17 as at 30 September 2013,” said Naim in a filing with Bursa Malaysia.
At noon break, Naim ended at RM3.76, down 2 sen, on thin trades of 19,300 shares, while Dayang was at RM5.74 per share, up 5 sen, on 224,000 shares.
Naim said the proceeds from the disposal would be utilised for working capital of the company.
It said the company held 33.63% equity interest in Dayang prior to the disposal.
The Sarawak construction company said based on the unaudited consolidated quarter report of Naim as at Sept 30, 2013, the proforma effects of the disposal on the net asset per share and gearing of Naim are expected to improve to RM3.77 and 0.38 times, from RM3.52 and 0.40 times, respectively.
“Naim expects to record a proforma gain of about RM62 million from the disposal in the current year.”
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