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Categories
| TdC sells 3.6% in DiGi, settles debt |
| Business & Market 2009 | |||
| Written by The Edge Financial Daily | |||
| Wednesday, 26 August 2009 22:09 | |||
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The shares were held by its wholly owned subsidiary Hakikat Pasti Sdn Bhd. This brings TdC's remaining shareholding in DiGi.Com to 27.5 million shares or 3.5% equity interest. In an announcement to Bursa Malaysia today, TdC explained that the net proceeds of RM602.6 million will be used to fully settle RM552.7 million in bank borrowings and the remaining 49.85 million will be utilised for working capital requirements. The group will be in a net cash position after this. The company said the original cost of investment for the block of shares was RM597.22 million at RM21.52 per share. It had held the shares since November 2007 and had received aggregate net dividend income of RM68.27 million in respect of those shares. It added that the disposal will result in an estimated gain of RM5.33 million, before taking into account any tax effects, for the year ending Dec 31, 2009. The group will also enjoy an estimated RM23.4 million pre-tax interest savings as a result of the full repayment of bank borrowings with the proceeds from its latest sale of DiGi.Com shares. The company had on Jan 15 this year, sold 22.5 million DiGi.Com shares through a book-building exercise for RM463.5 million cash.
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