KUALA LUMPUR, Sept 27 — Ranhill Holdings Bhd has proposed to divest its 60 per cent stake in Ranhill Water (Hong Kong) Ltd (RWHK) to Asia Wisdom Investments Ltd (AWIL) for 273.90 million yuan (RM169.7 million).
In a filing to Bursa Malaysia today, Ranhill said RWHK is a wholly-owned unit of Ranhill Water Technologies (Cayman) Ltd (RWT Cayman), which in turn is a wholly-owned subsidiary of Ranhill.
“The proposed divestment entails the divestment of 60 per cent equity in RWHK by RWT (Cayman), a wholly-owned subsidiary of Ranhill, comprising 159.99 million ordinary shares to AWIL,” it said.
RWHK was incorporated in Hong Kong and is principally involved in investment holding and provision of consultancy, project management, operations and maintenance services relating to wastewater treatment plants.
Meanwhile, AWIL, the purchaser, is an indirect wholly-owned subsidiary of SIIC Environment Holdings Ltd.
“The proposed divestment is subject to the terms and conditions set out in the sales and purchase agreement.
“It will not result in Ranhill becoming a cash company or a Practice Note 17 (PN17) company pursuant to the Main Market Listing Requirements of Bursa Securities,” it said.
PN17 is issued by Bursa Malaysia and relates to companies that are in financial distress.
Ranhill had earlier applied for a suspension of trading since 2pm until 5pm today pending the release of a material announcement.
As at 2pm, the counter was suspended at 94.5 sen, with 203,200 shares already transacted since opening. — Bernama
