Published: Thursday July 19, 2012 MYT 7:33:00 PM
Apex Equity records gain of RM14.9m from Australia firm sale
It said on Thursday that its Australian stockbroker, Investorfirst Securities Ltd, had disposed 17 million Finbar shares of A$1 each for A$17mil (RM54.84mil)
Finbar, which is a property investment and development company in Perth, Australia, builds apartments, town houses, residential and specialised commercial buildings in the Perth metropolitan area.
It has a paid-up capital of A$132mil, divided into 214.17 million shares.
Apex Equity said the rationale for selling the Finbar stake was due to global economic uncertainties and the negative outlook for global stock markets.
"The strong Australian currency provide an opportunity to realize the gain on investment which has appreciated substantially," it said
Apex Equity said the proceeds would be first used for working capital purposes and those not needed for working capital be distributed to the shareholders.