UEM Edgenta plans to sell stake in NZ unit for RM504.1m

PETALING JAYA: UEM Edgenta Bhd plans to dispose of its 61.2% equity stake in its subsidiary Opus International Consultants Limited (OIC) following a notice of intention received from WSP Global Inc, for NZD161.1 million (about RM504.1 million).
The company said in a statement today that the disposal will be made via its wholly owned subsidiary Opus International (NZ) Limited (ONZ). ONZ is a wholly owned subsidiary of Opus Group Bhd (OGB), which in turn is wholly owned by UEM Edgenta.
UEM Edgenta managing director and CEO Datuk Azmir Merican said the proceeds from the proposed disposal will be used to, among others, pare down debts.
“It will also provide UEM Edgenta with the financial resources and enable management to focus on driving as well as supporting the organic growth and operational excellence initiatives in our core sectors spanning healthcare, infrastructure and real estate in key markets namely Malaysia, Singapore, Indonesia, Taiwan, India, other Southeast Asian countries and the Middle East region,” he said.
Trading in UEM Edgenta's shares were suspended at 9am this morning and resumed at 10am. At 11.33am, its share price rose 5.24% or 13 sen to RM2.61 with a total of 68,200 shares traded.