Malaysia's Khazanah exits Time Engineering stake for $21m
Malaysian sovereign wealth fund Khazanah Nasional has sold its entire stake in local IT firm Time Engineering (TEB) to Censof Holdings for RM69.8 million ($21.3 million)
TEB provides solutions for e-commerce, cyber security and integrated intelligent infrastructure. It ended the first half of its 2013 financial year with an EBITDA of RM14.02 million and pre-tax profit of RM7.08 million, while net assets stood at RM0.11 per share.
Khazanah sold the 45.03% holding at RM0.20 per share.
The sale is part of Khazanah's strategy of disposing non-core assets to Bumiputera companies, which are controlled by ethnic Malays and other indigenous tribes.
Censof is engaged in two core businesses - namely financial management system solutions under subsidiary Century Software, and e-payment gateway solutions under T-Melmax.
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