MNC losses after Mexter share sale is RM42,827

  

PETALING JAYA: MNC Wireless Bhd said the losses due to its earlier proportionate holdings in Mexter Technology Bhd, which have been sold to date, amounted to RM42,827.

MNC said in a statement that Mexter made a total loss of RM2.96mil for the financial year ended Dec 31, 2013 with a loss per Mexter share of 1.65 sen.

The net assets per share of Mexter based on its financial statements were 6.11 sen, it said. “The net assets attributable to the 2.59 million Mexter shares are RM158,327. The total cost of investment is RM311,040, which was made on Oct 24, 2013.”

MNC had last week said it sold the 2.59 million Mexter shares in the open market with net proceeds of RM323,192.

MNC added earlier that the net profit arising from the sale of quoted securities, which includes a write-back of impairment in value of the 2.59 million shares of RM77,760, was RM90,134 while the net book value of the shares was RM233,280.

It also noted that the aggregate sale consideration from the disposal of the shares exceeded 5% of its audited consolidated net assets as at Dec 31, 2013.

The company said the proceeds from the disposal would be utilised as working capital for the company.

The balance of Mexter shares held by MNC after the disposal was 5.9 million shares, which represented 3.3% of the total issued and paid-up capital of the former.

Mexter closed unchanged yesterday at 11.5 sen while MNC dropped 0.5 sen to 28.5 sen.