Kumpulan Europlus Bhd disposes of 5.21% equity interest in Talam Corp

KUALA LUMPUR: Kumpulan Europlus Bhd (KEURO) has disposed of 5.21% of equity interest in Talam Corp Bhd (Talam), the former announced on Bursa Malaysia on May 18.

In its announcement, the board of KEURO said it disposed of 134,925,600 ordinary shares of RM0.20 each for net proceeds of RM17,916,697.05 between March 9 and May 12, 2010.

The disposal resulted in a net profit of RM5.99 million or RM0.01264 per ordinary share for KEURO. The company’s net assets also increased by RM0.01264, while gearing was reduced from 2.21 to 1.97. These figures are based on the company’s audited financial statements as at Jan 31, 2009

About 20% of the sales proceeds will be utilised to pare down the group’s bank borrowings. The balance will be utilised to pay for Talam’s financial instruments acquired from a third party as approved by KEURO’s shareholders at an EGM held on Nov 4, 2009, resulting in an increase of KEURO’s shareholdings in Talam.