KUALA LUMPUR: Eastern & Oriental Bhd's two units are disposing of their combined 27.71% stake to Egovision Sdn Bhd for total cash consideration of RM8.78 million.
E&O said on Thursday, March 24 that E&O Property Development Bhd was disposing of its 10.37 million shares or 17.67% stake for RM5.18 million or 50 sen per share and'' 4.81 million warrants'' 2007/2017 at nominal value of RM1 each (representing 20.48% of the warrants in issue) for RM433,028 or nine sen per warrant.
Samudra Pelangi Sdn Bhd was disposing of its 10.04% stake or 5.89'' million shares for RM2.95 million and 2.35 million warrants (10.04%) for RM212.18 million.
'The original cost of investment of E&O Group in Fututech i'' RM27.34 million. The unaudited net carrying value of the investment in Fututech shares and warrants as at Dec 31, 2010 were RM7.646 million and RM2.293 million respectively.
'Based on the above net carrying value, the proposed disposal is expected to record a loss of RM1.159 million,' it said.
E&O said on Thursday, March 24 that E&O Property Development Bhd was disposing of its 10.37 million shares or 17.67% stake for RM5.18 million or 50 sen per share and'' 4.81 million warrants'' 2007/2017 at nominal value of RM1 each (representing 20.48% of the warrants in issue) for RM433,028 or nine sen per warrant.
Samudra Pelangi Sdn Bhd was disposing of its 10.04% stake or 5.89'' million shares for RM2.95 million and 2.35 million warrants (10.04%) for RM212.18 million.
'The original cost of investment of E&O Group in Fututech i'' RM27.34 million. The unaudited net carrying value of the investment in Fututech shares and warrants as at Dec 31, 2010 were RM7.646 million and RM2.293 million respectively.
'Based on the above net carrying value, the proposed disposal is expected to record a loss of RM1.159 million,' it said.
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