KUALA LUMPUR (Jan 5): Meda Inc Bhd (Meda Inc) has entered into a conditional sale of shares agreement (SSA) with Aturan Prisma Sdn Bhd (AP) to dispose off its entire stake in Xperential Dynamics Sdn Bhd (XD) for RM7 million.

The sale was entered into on Dec 30, 2016.

Meda Inc will dispose 4,500 ordinary shares of RM1 each, representing 100% of Meda’s equity interest in Xperential Dynamics.

In a filing to Bursa, the company said total proceeds from the disposal will be utilised to partially set off debt owed by Meda Group to AP.

The sale and purchase of the sale shares as set out in the SSA is conditional, upon the following condition precedent being fulfilled on terms and conditions acceptable to the parties within a period of 7 days from the date of agreement.

XD was incorporated in Malaysia under the Companies Act, 1965 under the name of Peranan Suci Sdn Bhd on Aug 4, 2006, as a private limited company. Subsequently, on Nov 31, 2006, it changed its name to XD. XD was previously involved in the operation of hotels and car park. It currently does not have any business activities.

Aturan Prisma is a private limited company engaged in construction and ancillary works. 

Upon disposal, XD shall cease to be a subsidiary of Meda.

At the close of the afternoon session, Meda Inc shares dropped 0.5 sen or 1% at 49.5 sen, for a market capitalisation of RM239.08 million.