Ipmuda shareholders approve all proposals, including the acquisition of a 30-bed hospital

NST Fri, Nov 12, 2021 03:43pm - 7 months View Original


Ipmuda Bhd has received shareholders' approval for all the five proposed corporate exercises, including a special cash dividend of 30 sen and the acquisition of Ultimate Forte Sdn Bhd (UFSB).

KUALA LUMPUR: Ipmuda Bhd has received shareholders' approval for all the five proposed corporate exercises, including a special cash dividend of 30 sen and the acquisition of Ultimate Forte Sdn Bhd (UFSB).

UFSB owns and operates Ohana Specialist Hospital, a 30-bedded private hospital specialising in paediatrics and obstetrics and gynaecology in Seri Rampai, Kuala Lumpur.

At the virtual extraordinary general meeting (EGM) today, Ipmuda executive chairman Datuk Beroz Nikmal Mirdin was overwhelmed by the support shown by the shareholders towards the company's transformation strategy.

"The divestment of our existing properties is part of our goal to unlock the value of our property assets and channel the funds generated into our new growth assets.

"With the corporate exercises, we have expanded the capital base of Ipmuda hence strengthening the company's financial position.

"To add on, this will also create a greater opportunity for market players to participate further in Ipmuda, translating to an increase in share liquidity and an even more active market for us," he said in a statement today.

Shareholders approved five proposed corporate exercises tabled at the virtual EGM, including the sale of a leasehold property to Pixel Valley Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Property Bhd for RM82 million by Rosel-BLG Sdn Bhd, a subsidiary of Better Living Grand Sdn Bhd, a wholly-owned subsidiary of Ipmuda.

This will be satisfied by RM80 million cash and RM2 million in kind by way of properties.

Secondly, shareholders approved a special cash dividend of RM30.43 million to shareholders on an entitlement date to be announced later, based on RM0.30 per ordinary share in Ipmuda.

Additionally, Ipmuda shareholders approved a bonus issue of 101.45 million new ordinary shares in the company and 152.18 million free detachable warrants, based on two bonus shares and three warrants for every two Ipmuda shares.

Ipmuda's proposed renounceable rights issue of 101.45 million new ordinary shares was also approved by shareholders, with one rights share for every existing Ipmuda share at an issue price of RM0.30 per rights share.

Finally, shareholders approved Ipmuda's plan to buy 8.80 million ordinary shares in UFSB, representing the entire equity interest for RM18 million, which the company will pay for with RM6.67 million in cash and RM11.32 million in new Ipmuda shares.

Beroz Nikmal said the special dividend and bonus issue are means for the company to thank long-standing shareholders for their trust and support in Ipmuda.

"Exciting times are ahead for Ipmuda. We hope that they will continue to stand by us as Ipmuda moves ahead to become a leading player in the renewable energy and healthcare sectors," he said.

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