Time ... Jun10

Sources say UEM group Bhd has stepped up its asset disposal programme by putting its 45% stake in Time Engineering Bhd on the seller’s block.

It is believed that UEM Group will invite tenders for Time Engineering.

UEM Group wants to focus on its core businesses of property, construction and expressways.

Its stake in time Engineering is worth RM125 million.

Sources say that finding a buyer for Time Engineering was proving to be difficult. Time Engineering is an IT concern. Sources say finding a buyer for Time Engineering was proving to be difficult. The company’s main business is providing solutions for e-commerce, cyber security and integrated intelligent infra.

However, it is believed that any bid for Time Engineering will have to be made at around 50 sen per share mark before UEM Group will consider the offer.

It has a NTA of 19 sen per share. It had cash of rm92 million and debts of some RM305 million in the form of loan stocks as at the end of its 1QFY2010 ended March 31, 2010.