2 weeks, 2 days ago MW ModeratorModerator
Tenaga Nasional Bhd has completed the acquisition of the entire stake in Setia Haruman Sdn Bhd’s wholly owned subsidiary, Setia Haruman Technology Sdn Bhd (SHTech) for RM28mil.
Setia Haruman Technology offers fibre broadband service in Cyberjaya, with speeds up to 1Gbps.
In a filing with Bursa Malaysia, the proposed acquisition was completed today in accordance with the terms and conditions of the conditional sale and purchase agreement.
In December 2017, TNB said:
Tenaga Nasional Berhad (“TNB”) wishes to announce that it has today entered into a Conditional Sale and Purchase Agreement (“SPA”) with Setia Haruman Sdn. Bhd. (“SHSB” or “Vendor”) for the proposed acquisition of 1,000,002 ordinary shares of SHTech (“Sale Shares”), representing 100% equity interest of SHTech held by SHSB for a cash consideration of RM28.0 million (“Purchase Consideration”) (“Proposed Acquisition”).
Upon the completion of the Proposed Acquisition, SHTech will become a wholly-owned subsidiary of TNB and thereafter will continue to carry out the existing business of SHTech as an information technology related services provider.