Thursday, 12 July 2018 | MYT 8:20 PM
Nova MSC sells majority stake in PrimusTech
KUALA LUMPUR: Nova MSC Bhd is disposing a 51% stake in loss-making wholly-owned subsidiary, PrimusTech Pte Ltd, to JAG Ltd of Japan for RM8.9mil.
In a filing with Bursa Malaysia, Nova MSC said it inked an agreement today to sell 31,875 shares in Singapore-based PrimusTech to JAG.
The price took into account PrimusTech group's unaudited net assets -- 51% of which amounted to RM4.4mil for the financial year ended March 31, 2018 (FY18) -- as well as the group's loss-making position.
PrimusTech, which provides integrated control and automation systems and information technology solutions for buildings and facilities, posted an unaudited loss after taxation of RM1.76mil for FY18.
Nova MSC said the proposed disposal also represented an opportunity for the company to crystallise its investment in PrimusTech, which operated in a highly competitive market in Singapore.
“The proposed disposal will allow Nova MSC to focus its resources in the e-Government and healthcare application solution segments, which would have good prospects and high potential as Nova MSC has a secured book order of RM117 million,” it added.