IDimension co-founder seeks buyout of five subsidiaries for RM12m

PETALING JAYA: iDimension Consolidated Bhd co-founder and major shareholder Daniel Boo Hui Siong proposes a management buyout of its five subsidiaries for RM11.96 million.

The company told Bursa Malaysia that it had entered into a share sale agreement with Boo Hui Siong, who is also the company managing director, for the deal.

The subsidiaries involved are iDimension MSC Sdn Bhd, iDimension Systems Sdn Bhd, iDimension MSC Pte Ltd, iDimension Agrisoft Sdn Bhd and IDB Interactive Sdn Bhd.

iDimension said the proposed buyout will enable the group to trim its losses through disposing of non-profitable businesses and subsidiaries, and to channel the proceeds for its proposed regularisation plan, which includes an acquisition to diversify its business into the provision of ICT systems.

This comes after it does not foresee the remaining information technology business would be able to turn around its financial performance in the near future and to return to profitability.

iDimension has been a Guidance Note 3 (GN3) company since October 2018 after the suspension of a major business.

It recorded a substantial loss after tax of RM18.47 million and RM16.95 million for an 18-month period ended June 30, 2018 and the financial year ended June 30, 2019 respectively.

iDimension noted that the disposal sum was arrived at on a “willing-buyer willingseller” after taking consideration of the net asset of the companies based on their respective unaudited financial statements for the six month period ended Dec 31,

2020.

It also took into account the market value of properties of the subject companies as well as the outstanding settlement of outstanding inter-company advances between the subject companies and iDimension.