Insas seeks shareholders' nod for RM530mil Inari exit
Insas Bhd, the third-largest shareholder in Inari Amertron Bhd, is seeking shareholder approval to dispose of its entire stake in the semiconductor services company for RM529.87 million. The proposed sale involves 218.05 million or 5.65 per cent of Inari shares, at an illustrative price of RM2.43 per share. Insas has not yet identified any buyer and may sell the shares in one or more tranches through the open market or to third-party purchasers.
The proceeds would mainly be used to repay RM270 million in revolving credit facilities and fund RM248.32 million in working capital. The repayment of the revolving credit facilities is expected to reduce the company's borrowings and save about RM13.5 million in annual interest costs.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
