The disposal price of RM4.13 apiece is almost a 9% discount to Magni-Tech’s closing price of RM4.50 yesterday.
In a filing with Bursa Malaysia, BCorp said its wholly-owned subsidiaries Berjaya Group Bhd and Juata Sejati Sdn Bhd had disposed of the 7.44% stake, which was equivalent to 12.11 million shares in Magni-Tech to PNS.
BCorp said upon the completion of the disposal, the group would hold 8.43% or 13.71 million shares in Magni-Tech.
Prior to the disposal, BCorp said it had disposed of 12 million Magni-Tech shares, representing a 7.37% stake in the open market in November last year for RM43.56mil or RM3.63 per share.
“The proceeds from the disposals will be utilised for working capital of Bcorp,” the group said.
Magni-Tech is involved in the manufacturing and sales of garments, and manufacturing and distribution of apparel garments and plastic packaging products.
BCorp said the disposal of Magni-Tech was an opportunity for BCorp to realise its investment.
BCorp said Magni-Tech shares were acquired since November 2008 and had the value of about RM1.84 per share as at Dec 31, 2015.
“The disposals have no material effect on the net assets and earnings of BCorp,” it said, adding that the disposals would result in a gain of about RM49.12mil to BCrop for the current financial year ending April 30, 2016.
BCorp shares closed unchanged yesterday at 36 sen, while Magni-Tech ended the day six sen lower to RM4.50.
MAGNI (7087) - Berjaya Corp continues to sell stake in Magni-Tech
http://www.thestar.com.my/business/business-news/2016/01/12/berjaya-corp-continues-to-sell-stake-in-magnitech/
