KUALA LUMPUR (March 26): Omesti Bhd said on Tuesday that its wholly-owned subsidiary Omesti Holdings Bhd had disposed of 3.47% of its shares in Microlink Solution Bhd for RM18.55 million, resulting in its shareholding in the group declining to 32.95%.  

In a bourse filing, Omesti said the disposal was done between July 6, 2023 and March 20, 2024 at an average price of 49.8 sen per Microlink share.  

The disposal has raised gross proceeds of RM18.55 million which will be used to pare down borrowings of the group and for working capital purposes.

Nonetheless, Omesti also noted that the group will be making an expected loss arising from the disposals amounting to RM2.48 million, calculated based on the average carrying value of 37.23 million Microlink shares at RM21.03 million.

Microlink is principally engaged in research and development of information technology solutions to the financial services industry.  

As at March 25, the Sultan of Pahang, Al-Sultan Abdullah Sultan Ahmad Shah holds a 9.9% stake in Microlink. He is the third largest shareholder after Omesti Bhd (32.95%) and RHB Trustee Bhd (22.1%).

According to Omesti, the disposal was part of its operational and organisational restructuring to optimise its investment portfolio and strengthen its financial position for future growth.  

“In addition, the proceeds from the disposals will allow Omesti to reduce its gearing by paring down its borrowings, improve its interest coverage ratio and meet other working capital needs as and when required by its operations,” the group said.  

Shares in Omesti closed half a sen or 2.94% lower at 16.5 sen on Tuesday, valuing the group at RM89.21 million.