Lottery strike for EPIC shareholders?

AZRB to sell 21.26% of EPIC for RM111.5m

Written by Joseph Chin

Monday, 08 November 2010 18:56

KUALA LUMPUR: AHMAD ZAKI RESOURCES BHD [] (AZRB) is selling its 21.26% stake in Eastern Pacific Industrial Corporation Bhd (EPIC) for RM111.5 million cash consideration. AZRB said on Monday, Nov 8 it was selling the stake, comprising of 35.97 million shares, to Lembaga Tabung Amanah Warisan Negeri Terengganu. “The proposed disposal will result in an estimated gain on disposal of approximately RM11.5 million at group level based on the financial results as at June 30, 2010,” it said. AZRB said the proceeds from the proposed disposal would be used to repay borrowings and for working capital purposes. Source: theedgedaily.com  The price work out to be 111.5million/35.97million = RM3.10 Current price (8th Nov 2010): RM2.09