KUALA LUMPUR (Nov 9): UEM Edgenta Bhd is selling its 51% stake in Faber Sindoori Management Services Pte Ltd for 700 million rupees (RM40 million) in cash to Apollo Sindoori Hotels Ltd (ASHL). According to UEM Edgenta, Faber Sindoori is mainly involved in the provision of integrated facilities management services in India. "The proposed disposal provides an opportunity for UEM Edgenta to monetise its investment from the promising business collaboration with Apollo Group in Faber Sindoori, achieving an internal rate of return of more than 20%. "Proceeds from the proposed disposal will allow UEM Edgenta to reinvest and allocate more resources to accelerate its international expansion strategy as it is moving towards realising the company’s Edgenta of The Future 2025 vision," it said. At the noon break, UEM Edgenta shed one sen or 0.92% to RM1.08, with a market capitalisation of RM898.15 million.
