Kumpulan Euro Bhd disposed of 100 million shares of Talam Corp Bhd, or 3.36%, for RM9.94 million.
KEuro said on Thursday, Sept 24, the shares were disposed of on Sept 22 and 23.
The shares arose from the recent conversion of redeemable convertible secured loan stock-D which were acquired on June 25.
“The disposal gave rise to a net profit of RM3.24 million or 0.68 sen per ordinary share. The net assets of KEuro also increased by 0.68 sen to RM0.191 per ordinary share,” it said.
It added the disposal of the Talam shares had reduced its gearing ratio from 2.95 times to 2.81 times, based on the audited financial statement as at Jan 31, 2010.KEuro said the book cost of the shares was RM6.70 million.
The sale proceeds from the disposal will be used to pay the creditors.
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