Sunview looks to fully exit Winstar Capital

PETALING JAYA: Sunview Group Bhd is seeking a shareholders’ mandate to fully dispose of its stake in ACE Market-listed aluminium extrusion firm Winstar Capital Bhd.

Sunview, which is also listed on the ACE Market, looks to sell the 22.44% equity interest held via Vafe System Sdn Bhd at no less than 43 sen a share to third party purchasers to be identified later.

This could generate at least RM30.12mil in cash proceeds, with a proforma gain on disposal of approximately RM6.8mil.

The bulk of the proceeds, or RM18.12mil, will be allocated as working capital for engineering, procurement, construction and commissioning projects.

Sunview said in a bourse filing that approximately RM11.79mil will be used to repay bank borrowings.

“The proposed disposal mandate will be sought for a period of 12 months from the date of approval of the shareholders at an extraordinary general meeting,” it added.