MWE sells stake in US-based firm for RM44.8 million

PETALING JAYA: MWE Holdings Bhd is disposing of its entire share in US-based healthcare technology company Integrity Tracking LLC for RM44.83 million (US$10.26 million), saying it is a good opportunity to unlock and maximise its investments in the country.
Integrity Tracking, which designs and develops remote monitoring technologies, provides mobile-personal emergency response systems and personal health management technology.
MWE said in a filing with Bursa Malaysia last Friday that it has executed a letter of transmittal with MobileHelp Holdings LLC, MobileHelp Merger Sub, LLC and Integrity Tracking to dispose of its entire investment of common membership interest units at about US$5.1291 per unit in Integrity Tracking.
“In view of this investment has been fully impaired in the financial year ended March 31, 2016, MWE Group will realise a gain of estimated US$10.26 million arising from the disposal upon completion,” it said.
The proceeds will be used to reduce borrowings and for future working capital.