TIMECOM (5031) - Time Dotcom disposes 0.64% stake in DiGi.com for RM220m gain
KUALA LUMPUR (April 10): Time Dotcom Bhd disposed some 49.9 million shares or 0.64% stake in DiGi.com Bhd for RM310.9 million today.
In a filing with the local bourse today, Time Dotcom (fundamental: 2.4; valuation: 0.8) said it sold the shares at RM6.23 apiece through private placement, via a bookbuilding process to eligible institutional or sophisticated investors.
The telecommunication services provider said the sales consideration was satisfied entirely by cash.
The group said the disposal was to allow Time Dotcom to re-allocate capital resources for working capital purposes.
The group will book a fair value gain of RM220.1 million from the sale.
Shares in Time Dotcom closed 14 sen or 2.33% higher at RM6.15, for a market capitalisation of RM3.449 billion.
DiGi.com closed four sen or 0.64% lower at RM6.25, for a market capitalisation of RM48.905 billion.
http://www.theedgemarkets.com
KUALA LUMPUR (April 10): Time Dotcom Bhd disposed some 49.9 million shares or 0.64% stake in DiGi.com Bhd for RM310.9 million today.
In a filing with the local bourse today, Time Dotcom (fundamental: 2.4; valuation: 0.8) said it sold the shares at RM6.23 apiece through private placement, via a bookbuilding process to eligible institutional or sophisticated investors.
The telecommunication services provider said the sales consideration was satisfied entirely by cash.
The group said the disposal was to allow Time Dotcom to re-allocate capital resources for working capital purposes.
The group will book a fair value gain of RM220.1 million from the sale.
Shares in Time Dotcom closed 14 sen or 2.33% higher at RM6.15, for a market capitalisation of RM3.449 billion.
DiGi.com closed four sen or 0.64% lower at RM6.25, for a market capitalisation of RM48.905 billion.
http://www.theedgemarkets.com
