Time Eng reduced stake in Time dotcom
Filed Under (Business News) by Webmaster on 16-07-2010
Tagged Under : Time dot com, Time Engineering
Time Engineering Bhd had sold 40.3 million shares in unit Time dotCom Bhd (TdC) in the open market for RM20.8mil cash, the company told Bursa Malaysia yesterday.
This equals to a 1.59% stake in TdC. Time, however, did not disclose the timeframe when the transactions took place. The shares were part of the 726.18 million shares, or the 28.69% stake in TdC, held by Time that it had planned to sell.
The company had obtained shareholders’ approval at an EGM on Aug 21, 2009 to sell the shares at no less than 48 sen each. The mandate took effect from the date of the approval until the expiry of its redeemable secured loan stocks (RSLS).
The shares disposed to date were part TdC shares held by Time which have been pledged to Bank Pembangunan Malaysia Bhd (BPMB) as security for the 712.5 million RSLS at nominal value of 48 sen each issued to BPMB on June 11 last year.
“The disposal proceeds will be paid to BPMB for the redemption of the RSLS,’’ it said. Shares in TdC closed was flat at 52 sen yesterday. It was the most active counter with 50.9 million shares transacted.
