UEM Edgenta To Dispose 61.2 Per Cent Stake In OIC


UEM Edgenta To Dispose 61.2 Per Cent Stake In OIC

UEM Edgenta Bhd is disposing its 61.2 percent equity stake or 90.51 million ordinary shares in its New Zealand-based subsidiary, Opus International Consultants Ltd (OIC), following a notice of intention received from WSP Global Inc.

In a statement today, UEM Edgenta said the disposal of OIC is an opportunity for the group to monetise its investment upfront at a healthy premium over the current market price and will enable it to reduce its gross gearing to 0.4 times from 0.8 times.

UEM Edgenta managing director/chief executive officer Datuk Azmir Merican said proceeds from the disposal will be used to, amongst others, pare down debts.  Read More…

 

Credit By : NST

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