Advance Synergy to dispose stake in Helenium for RM46.6m

PETALING JAYA: Advance Synergy Bhd is planning to dispose of a 40% stake in Helenium Holdings Ltd, which is held by its indirect unit Synergy Realty Inc (SRI), to EEH Ventures Ltd for RM46.64 million.
Incorporated in December 2010 in the British Virgin Islands, Helenium is principally involved in property investment, management and rental of property.
Advance Synergy told the stock exchange that SRI had on Aug 3 agreed via a memorandum of sale, to dispose of its entire investment of 40% equity interest, represented by 6.4 million ordinary shares of US$1 each.
It said the proposed disposal would enable the group to realise cash and have ready capacity for any high potential investment or acquisition.
The group said the proposed disposal is expected to result in a gain of approximately RM2.38 million or an increase in earnings per share of 0.26 sen based on the current total number of shares in issue.