Mulpha Credit Sdn Bhd (MCSB) has entered into a transaction aimed at disposing of its entire equity interest in Education Perfect Group Limited (EPGL) of New Zealand.
MCSB is an indirect wholly owned subsidiary of Mulpha International Bhd (Mulpha).
Mulpha in a filing to Bursa Malaysia yesterday said the disposal represented a total of 37.81% stake in EPGL worth NZ $ 455 million or about RM1.31 billion.
The proposed disposal of MCSB's investment in EPGL after a holding period of 3.5 years will strengthen the group's cash flow position and be in line with the group's investment strategy and philosophy.
”The value of the transaction has been achieved jointly between the seller and the buyer through direct negotiation, after a competitive bidding process, with the buyer taking into account current and future business income.
"The disposal, excluding the proceeds, is expected to result in a net profit of about NZ $ 146.22 million or about RM422.50 million, after deducting all incidental costs associated with the proposed disposal," he said as reported by Bernama.
