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Tuesday, June 7, 2011

UEM still keen to sell its 45pc stake in Time Engr (BT)

UEM Group Bhd is still interested in selling its 45.03 per cent stake in TIME Engineering Bhd, an information communication technology (ICT) service provider.

UEM group managing director-cum-chief executive officer Datuk Izzadin Idris said it is evaluating all options, but has yet to receive any proposal.

"We are not in (firm) negotiation with any parties at the moment," Izzadin said when met after TIME Engineering's annual general meeting here yesterday.

UEM Group has long mulled over divesting its TIME Engineering interest, which it sees as a non-core asset.

It was earlier reported that a few parties had expressed interest in taking over TIME Engineering, but the group said it wanted to grow the business first before selling the division.

Meanwhile, Izzadin said TIME Engineering will focus on the ICT segment as its core business following the disposal of the company's entire 24.74 per cent stake in TIME dotCom Bhd.

"We are still focused on ICT based on the current plan," he said.

The disposal proceeds of RM287 million will be used to repay the company's debts.

TIME Engineering posted a net loss of RM2.93 million in the first quarter ended March 31 2011 compared with a net profit of RM871,000 a year ago as it was affected by the financing costs of its redeemable secured loan stocks.

Revenue fell 35.5 per cent to RM16.39 million from RM25.43 million, mainly due to the completion of the projects in Vietnam.

However, following the realisation of business opportunities secured by the group between the last quarter of 2010 and the first quarter of 2011, TIME Enginering expects to see improvement in the current financial year.

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