SHAH ALAM: Pimpinan Ehsan Bhd, which assumed the listing status of TRIplc Bhd, is weighing a sale of the company, a deal that could fetch more than RM70 million.
The sale, if materialises, will offer the acquirer a shortcut to listing on the main market of Bursa Malaysia.
Pimpinan Ehsan has less than 12 months to decide on the future direction of the company after the disposal of TRIplc to Puncak Niaga Holdings Bhd, with the RM210 million cash it will receive for TRIplc.
TRIplc shareholders would first have to exchange their shares on a one-to-one basis with new Pimpinan Ehsan shares of RM1 each before the disposal.
The exercise, together with the listing transfer from TRIplc to Pimpinan Ehsan, is expected to be completed in May.
Outgoing TRIplc director Ibrahim Topaiwah, who will soon be appointed as one of Pimpinan Ehsan’s directors, said he will present future plan to shareholders in April to retain confidence and maintain share price performance.
“We will have our first meeting on this (the future direction of the company) with the board. We will look at a new core business that we intend to operate in, probably a new management team as well as a possible expansion plan of the core business.
“We might also be looking at a sale of the company if the deal is fair and reasonable. Whatever it is, we will do what is best for the shareholders,” he told reporters after the company’s convened meeting and extraordinary meeting (EGM) here today.
Ibrahim said the company now has around RM70 million to invest in a new business.
At the EGM, more than 99 per cent TRIplc shareholders have approved the transfer of its listing status to Pimpinan Ehsan, TRIplc’s subsequent disposal to Puncak Niaga as well as special dividend.
“It is an overwhelming response by the shareholders because we believe that is the best deal for us, the shareholders. The last dividend announced was in 1995,” Ibrahim said.