BPC is pleased to share that Ovanti Limited(ASX: OVT) has updated the market on the status of the ongoing sale process of its interest in i-Destinasi Sdn Bhd (“IDSB”).
The Company and IDSB have revised the transaction structure for the sale. Under the revised proposal, Ovanti will immediately sell 15.75% of its 21% stake in IDSB, reflecting 2,520,000 ordinary shares of its current 3,360,000 ordinary shares. The cash consideration for the sale of 2,520,000 ordinary shares of IDSB shall be of MYR 30 million (equivalent to AUD $10,800,000.00). Ovanti will retain the remaining balance of 840,000 shares in IDSB pursuant to the revised transaction structure. The parties may agree to terms to retain or sell the remaining interest of the 840,000 shares in a subsequent transaction at a later date. This revised proposal is a continuation of the sale process previously announced by Ovanti and it does not represent a new transaction or change in strategic direction.
Ovanti Limited's Executive Chairman and Interim CEO Daler Fayziev said:
"Strategically, considering the improvement in the IDSB business and other synergistic business opportunities we have with IDSB, we do see value in retaining an interest of 840,000 shares equivalent to 5.25% of IDSB. The Management has further determined that MYR 30 million is sufficient from the sale of 15.75% stake IDSB at this stage."
Congratulations to Daler Fayziev, the board and the team at Ovanti for reaching this milestone.
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