Olympia shares up 3.7% on news to dispose stake in Singapore travel company

PETALING JAYA: Olympia Industries Bhd's share price rose 3.7% this morning, after announcing that its unit Olympia Ventures Sdn Bhd is disposing 70% equity interest in Olympia Travels & Tours (Singapore) Pte Ltd (OTTS).

At 10.56am, the stock stood at 14 sen with 8.14 million shares changing hands. Olympia has a market capitalisation of RM148.4 million.

Olympia said OTTS will be disposed off to UK-based Global Mobility Investments Ltd, in a complex deal which will require OTTS secure a S$1.75 million (RM5.43 million) loan to replace fixed deposits of the company, to be given to Olympia Ventures.

The group said it would receive S$840,000 for the stake, be forwarded S$1.75 million fixed deposits of OTTS and an estimated S$1.20 million excess cash within 10 business days from the completion date on Jan 1, 2018 or such other date as agreed between the parties in writing.