Khazanah sells Time Engineering to Censof
Khazanah Nasional Bhd announced today to divest its entire 45.03 per cent stake in TIME Engineering Bhd (TEB) to Censof Holdings Bhd at RM0.20 per share for RM69.8 million.
The state-owned investment arm said the decision was made following an extensive tender process to select a suitable new shareholder.
The divestment price was arrived on the fundamentals of TEB, reflecting the remaining concession period with the Royal Malaysian Customs Department up to September 2014 by TEB’s majority-owned subsidiary, Dagang Net Technologies Sdn Bhd (DNT), and two other subsidiaries which are operating at a loss.
"Censof was selected out of the 10 interested parties based on the merit of its overall bid and a defined strategy in line with our divestment objectives for TEB, following a transparent and stringent tender process presided by an independent evaluation panel," Khazanah managing director Tan Sri Azman Mokhtar
said in a statement.
TEB’s main business is providing solutions for e-commerce, cyber security and integrated intelligent infrastructure.
For the first half f inancial year 2013, it posted an earnings before interests, tax, depreciation and armotisation of RM14.02 million; and pre-tax profit of RM7.08 million, while net assets stood at 11 sen per share.
Between 2004 and 2012, Khazanah divested 55 assets and companies worth RM35.7 billion, including Proton Holdings Bhd, Pos Malaysia Bhd and Time dotcom Bhd.
TEB being the 57th, total divestments have generated gains worth RM16.3 billion.-- Bernama