KUALA LUMPUR: UNITED U-LI CORPORATION BHD [] may distribute part of the RM200 million cash proceeds from the proposed disposal of three units to shareholders.
In a reply to a Bursa Malaysia Securities' query on Tuesday, June 14, it said the intended utilisation of cash proceeds arising from the proposed disposal has not been finalised at this juncture.
'But may amongst others, be utilised for the working capital of the remaining subsidiaries post completion of the proposed disposal, the acquisitions of new businesses, as well as a portion of the cash proceeds being distributed back to the entitled shareholders,' it said.
It is selling three units United U-Li (M) Sdn Bhd, United U-Li Steel Service Centre Sdn Bhd and Cabletray Industries (M) Sdn Bhd for RM200 million to Legrand France, SA. The units manufacture cable support systems and light fittings.
The audited total net assets of the companies are RM102.25 million, it said.
It added the indicative disposal consideration of RM200 million was based on the three companies' historical financial performance; current market conditions; and audited net assets as at Dec 31, 2010.
In a reply to a Bursa Malaysia Securities' query on Tuesday, June 14, it said the intended utilisation of cash proceeds arising from the proposed disposal has not been finalised at this juncture.
'But may amongst others, be utilised for the working capital of the remaining subsidiaries post completion of the proposed disposal, the acquisitions of new businesses, as well as a portion of the cash proceeds being distributed back to the entitled shareholders,' it said.
It is selling three units United U-Li (M) Sdn Bhd, United U-Li Steel Service Centre Sdn Bhd and Cabletray Industries (M) Sdn Bhd for RM200 million to Legrand France, SA. The units manufacture cable support systems and light fittings.
The audited total net assets of the companies are RM102.25 million, it said.
It added the indicative disposal consideration of RM200 million was based on the three companies' historical financial performance; current market conditions; and audited net assets as at Dec 31, 2010.
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