ISEC Healthcare says its wholly owned subsidiary, ISEC Sdn Bhd, has on Friday entered into an agreement to dispose of 300,000 shares, representing 15 per cent of the total issued and paid-up share capital of ISEC Penang, to Adrian Tey Puat Kean for RM300,000 (about S$101,067.95).
ISEC Penang is an indirect subsidiary of the company.
The move will mean that ISEC Sdn Bhd's stake in ISEC Penang will go down to 51 per cent, from 66 per cent.
In a filing to the local bourse, the group said that Dr Tey is a medical doctor employed by ISEC Penang and practises at International Specialist Eye Centre, Penang.
He is not an associate of any director, chief executive or controlling shareholder of the company.
Dr Tey will pay a 10 per cent deposit (RM30,000) on the date of the agreement, with the balance payable by monthly instalments of RM5,000 each to ISEC Sdn Bhd until full settlement.
The instalments shall be deducted from the monthly salary payable by ISEC Penang to Dr Tey, the group said.