Afternoon Highlight (22/04/13/67/765)Khazanah set to call TIME on 45pc stake

Khazanah set to call TIME on 45pc stake


A source says Khazanah is in the final lap of evaluating the three shortlisted companies, which are Skali Group, Censof Holdings Bhd and MyEG Services Bhd.

Government-owned investment agency Khazanah Nasional Bhd is expected to announce the buyer of its entire 45 per cent stake in TIME Engineering Bhd next month.

A source said Khazanah is in the final lap of evaluating the three shortlisted companies, which are Skali Group, Censof Holdings Bhd and MyEG Services Bhd.

"All the companies have an equal and fair chance and TIME Engineering could be a good fit to any of the winning bidders by bringing synergy and complementing existing operations.

Khazanah is at the final binding bid stage," said the source.

The deal is estimated to be worth RM90 million based on a share price closing of 28 sen last Friday, or a market capitalisation value of some RM217.07 million.

Khazanah is disposing of the stake as part of the government's long-term plan to reduce its stake in businesses by encouraging entrepreneurship and increasing Bumiputera ownership.

TIME Engineering is a loss-making information technology firm that provides solutions in e-commerce and cyber security. The company owns a 71.2 per cent stake in Dagang Net Technologies Sdn Bhd and has been without a chief executive officer since May 2009.

TIME Engineering was once part of the now defunct Renong Bhd, which has since been taken over by UEM Group Bhd, which is Khazanah's wholly-owned subsidiary.

For its financial year ended December 2012, TIME Engineering suffered a net loss of RM7.78 million on the back of a RM144.59 revenue.

Source : New Straits Times
Date : 22 April 2013
Afternoon Highlight (22/04/13/67/765)