Monday, December 12, 2011

Infortech Alliance sells 25% stake in Shanghai associate

KUALA LUMPUR (Dec 12): INFORTECH ALLIANCE BHD [] is selling a 25% stake in Shanghai Infortech Software Development Co. Ltd --'' which develops computer software and provides support services -- for RM572,000 to its major shareholder, who is a Chinese national.

It said on Monday it had signed a conditional share sale agreement with Luo Xin ' who currently holds a 70% stake in Shanghai Infortech ' to dispose of its 25% stake for RM572,000 or RM4.54 per share.

Infortech Alliance said the pricing was reasonable as it was a premium of RM2.665 or about 142% above the audited net asset per share of RM1.876.

It said Shanghai Infortech develops, sells and provides support for convenience store management software and human resource management software. Most of the customers are Japanese companies based in China.

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