PETALING JAYA: Insas Bhd is proposing to dispose of up to 218 million shares in Inari Amertron Bhd, representing a 5.65% equity interest, held through its subsidiaries Insas Technology Bhd and Media Lang Ltd.
This follows aggregate transactions over the past 12 months involving 296.63 million Inari shares valued at RM611.32mil at an average price of RM2.06 per share.
The disposal mandate is required under Bursa Malaysia’s Listing Requirements, as further disposals could push the aggregated percentage ratio above 25%, necessitating shareholder approval.
The sale shares, with an unaudited carrying value of RM158.32mil and a market value of RM580mil (based on RM2.66 per share), will be sold free of encumbrances, in one or more tranches, either in the open market or to third-party purchasers for cash.
The disposal price will be determined later but capped at no more than a 10% discount to the 5-day average price traded. In its exchange filing,
Insas noted the proceeds from the sale are expected to be used for repayment of revolving credit facilities (RM270mil), working capital (RM248.32mil) and expenses (RM11.55mil).
The sale could yield estimated net gains of RM360mil and reduce gearing to below 0.01 times.
The rationale is to monetise Insas’ investment in Inari, realise value, and strengthen its financial position.
The disposal will not render Insas a PN17 issuer, as it retains substantial non-cash assets.
The mandate, valid for 12 months upon approval, requires shareholder consent and potentially other regulatory clearances.