Thursday, June 6, 2013

Time Eng

Sources says Khazanah is in the final lap of evaluating the three shortlisted companies, which are Skali Group, Censof Holdings Bhd and MyEG Services Bhd.

Government-owned investment agency Khazanah Nasional Bhd is expected to announce the buyer of its entire 45 per cent stake in TIME Engineering Bhd in June 2013.

TEB has been sought by institutional buyers since May 7 2013. They had slowly accumulated shares on that date. On May 20 2013, these funds came back in a big way and they are still in the market now for TEB shares.

In May 21 2013 institutional funds had started buying TEB shares in a big way.

Institutional buying of Time shares comes at a time when the market has been anticipating that its major shareholder Khazanah Nasional Bhd planning to sell its stake in the firm.

TIME Engineering is a loss-making information technology firm that provides solutions in e-commerce and cyber security. The company owns a 71.2 per cent stake in Dagang Net Technologies Sdn Bhd and has been without a chief executive officer since May 2009.

TIME Engineering was once part of the now defunct Renong Bhd, which has since been taken over by UEM Group Bhd, which is Khazanah's wholly-owned subsidiary.

For its financial year ended December 2012, TIME Engineering suffered a net loss of RM7.78 million on the back of a RM144.59 revenue.

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