TIME Engineering Bhd has proposed to undertake a renounceable offer for sale of its entire equity interest in TIME dotcom Bhd (Tdc) to its shareholders.
In a filing to Bursa Malaysia today, TEB said it will offer for sale up to 626.12 million shares of Tdc, on the basis of eight offer shares for every 10 ordinary shares in TEB held by shareholders on the entitlement date.
The offer of sale represents TEB's 24.51 per cent equity interest in Tdc.
Based on an illustrative offer price of 48 sen per offer share, it said TEB will realise a gain before tax of approximately RM36.43 million from the proposal after accounting for the current written-down cost of investment of RM0.38 per Tdc share, the accelerated RSLS interest costs of approximately RM26.19 million.
It added the divestment will allow TEB to fully or substantially redeem early its outstanding redeemable secured loan stock (RSLS) issued to Bank Pembangunan Malaysia Bhd, thus benefiting TEB in terms of interest cost savings.
"TEB will be able to realise a minimum interest cost savings of approximately RM6.84 million per annum upon early redemption of the RSLS, in full," it said. -- Bernama
In a filing to Bursa Malaysia today, TEB said it will offer for sale up to 626.12 million shares of Tdc, on the basis of eight offer shares for every 10 ordinary shares in TEB held by shareholders on the entitlement date.
The offer of sale represents TEB's 24.51 per cent equity interest in Tdc.
Based on an illustrative offer price of 48 sen per offer share, it said TEB will realise a gain before tax of approximately RM36.43 million from the proposal after accounting for the current written-down cost of investment of RM0.38 per Tdc share, the accelerated RSLS interest costs of approximately RM26.19 million.
It added the divestment will allow TEB to fully or substantially redeem early its outstanding redeemable secured loan stock (RSLS) issued to Bank Pembangunan Malaysia Bhd, thus benefiting TEB in terms of interest cost savings.
"TEB will be able to realise a minimum interest cost savings of approximately RM6.84 million per annum upon early redemption of the RSLS, in full," it said. -- Bernama
1 comment:
any idea what will happen to tdc's share price come monday?
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