K-Euro disposes of 6.5m Talam shares for RM647,655

KUALA LUMPUR: Kumpulan Europlus Bhd (K-Euro) has disposed of 6.5 million shares or a 0.21% stake in Talam Corp Bhd for RM647,655 on Oct 29 after shareholders gave their approval in an EGM on July 12.

In a Bursa Malaysia announcement on Monday, Nov 1, it said the shares arose from recently converted redeemable convertible secured loan stock-D (RCSLS-D) acquired on Sept 9, after shareholders voted in favour of the move in an EGM on Nov 4 last year.

K-Euro said a net profit of RM210,000 or 0.04 sen per share arose from the disposal, while its net assets also increased by 0.04 sen to 19 sen per share.

Proceeds from the sale will be used to pay creditors, the group said. The sale also slightly lowered the group's gearing ratio to 2.94 from 2.95, based on its audited financial statements as at Jan 31.

According to the group, the shares were sold on the open market at 10 sen apiece.
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