News Column

Top Creation Investments' Disposal Of Negeri Melaka Stake Delayed

July 30, 2014

Sam Unsted

LONDON (Alliance News) - Top Creation Investments Ltd Wednesday said the disposal of its stake in the Negeri Melaka project is set to complete later than had been anticipated.

Negeri Melaka is a property investment in Malaysia earmarked for a new shopping mall, car park and residential development.

Top Creation is selling the stake to Sanichi Technology Bhd, which is launching a rights issue to fund the deal. Sanichi now expects to complete the rights issue by the end of September.

The disposal of the Negeri Melaka stake had been expected to be completed by August, but Top Creation said it will now take place after the Sanichi rights issue.

The stake is being sold for MYR15.4 million, about the same in sterling terms, GBP2.8 million, as it was purchased for in July 2011. Top Creation had said in February that it would make no profit or loss on the disposal, so there would be no effect on its gross assets.

In order to cover working capital needs while it awaits the Sanichi rights issue, Top Creation said it has raised GBP100,000 through a share placing with institutional investors. The firm has placed 66.7 million shares at 0.15 pence.

Top Creation shares were untraded at 0.375 pence on Wednesday.

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Source: Alliance News

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