Kulim (Malaysia) Bhd has disposed of 0.12 per cent stake in KPJ Healthcare Bhd for RM3.53 per share via an open market.
The company, in a filing to Bursa Malaysia today, said the KPJ shares have been disposed free from all encumbrances, claims, charges, liens and with all rights attaching thereto including all dividends and distributions declared on or after the date of the shares debited from the central depository system account of Kulim and/or its nominees.
Kulim said the disposal would allow the company to unlock the value of its investment in KPJ and enable the company to realise a cash gain of RM91,000.
The audit committee of the company is of the opinion that the disposal is in the best interest of the company, fair, reasonable and on normal commercial terms and not detrimental to the interest of the minority shareholders of the company.
Established in 1992, KPJ is principally involved in the operating and managing of specialist hospitals, trading of pharmaceutical and consumer healthcare products, provision of pathology and laboratory services and the running of a private nursing and health science college.
Johor Corporation (JCorp) is a major shareholder of KPJ, holding directly 12.47 per cent stake as at June 30, 2010. JCorp also has an indirect interest of 38.79 per cent stake in the company. -- Bernama
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