NATIONAL postal services provider Pos Malaysia Bhd is divesting 49% of its stake in wholly-owned subsidiary Pos Aviation Engineering Sdn Bhd (Pos AE) to Singapore-based SIA Engineering Company Ltd (SIAEC).
In a Bursa filing on Feb 13, Pos Malaysia said the divestment will facilitate the entry of SIAEC as Pos AE’s strategic partner.
This would allow Pos AE to expand its customer base by enhancing its technical expertise in the aviation sector, expanding its product offerings and diversifying into new lines of maintenance, repair and overhaul (MRO) services, and tapping into new markets and distribution networks.
Pos Malaysia, which owns Pos AE via wholly-owned subsidiary Pos Aviation Sdn Bhd, will transfer 7.84 million shares, representing a 49% equity stake in Pos AE, to SIAEC for an indicative cash consideration of RM10.087 mil.
“The indicative disposal consideration was arrived at on a willing buyer-willing seller basis and takes into consideration the unaudited net assets of Pos AE as at July 31, 2019 of approximately RM20.587 mil, which includes the market value of Pos AE’s property, plant and equipment as at Oct 1, 2019 of RM12.26 mil as appraised by an independent valuer,” it said.
Pos Malaysia closed at RM1.40 on Feb 13, up a sen, with 1.57 million shares changing hands. – Feb 13, 2020
