Aspen Vision Builders Sdn Bhd, the subsidiary of SGX-listed Aspen Group, has sold two units in Beacon Executive Suites in Penang, Malaysia, for RM1.3 million ($410,110).
The unit on the 21st floor was sold for RM628,200 after a 10% discount from its sale price of RM698,000. The other unit on the 10th floor was sold for RM693,000 after a 10% discount from its sale price of RM770,000.
The units were sold to Vyramid, which is deemed as an interested person as 51.0% of Vyramid’s shares are owned by Kumar a/l Manokharan.
Kumar a/l Manokharan is the brother of Aspen’s president and group CEO, Dato’ Murly a/l Manokharan.
According to Aspen Group, the sale price is based on the same amount that’s being offered to the public. The transactions were said to be entered into on commercial terms at arm’s length basis with “no prejudice to the interests of the company and its minority shareholders”.
Aspen’s audit committee, who have looked at the transactions, have given their approval, and are satisfied that the terms of the transactions are “fair and reasonable”.
Dato’ Murly has also abstained and will abstain from voting on all board resolutions relating to the transactions.
Shares in Aspen closed 0.1 cent lower or 2.17% down at 4.5 cents on Sept 15.