Melewar Industrial Group Berhad ("MIGB" or "the Company") wishes to announce that the Company had disposed 200,300 Mycron Warrants, representing 0.9207% of the outstanding Warrants of Mycron, for a total proceeds of RM3,959.79 (after deduction of brokerage, clearing and stamp duty charges) (“Disposal”).
The Disposal was transacted through the open market. The total proceeds of RM3,959.79 was arrived at based on the prevailing market price of Mycron Warrants as traded on the Bursa Malaysia Securities Berhad. The proceeds from the Disposal will be utilised for working capital purposes.
As at 14 December 2023, the carrying cost of the Mycron Warrants at MIGB Group Level is RM0.02 per warrant. MIGB’s investment in the Mycron Warrants was made on 31 January 2019. The Disposal will not have any material impact on the Group’s net tangible assets and earnings per share for the financial year ending 30 June 2024.
Save as disclosed, the Company is not aware of any of its other Directors, major shareholders and/or persons connected with them having any interest, direct or indirect, in the Disposal.
The Disposal is not subject to the approval of the shareholders of MIGB or any governmental authority.
The Board of Directors of the Company is of the opinion that the Disposal is in the best interest of MIGB Group.
This announcement is dated 18 December 2023.