KUALA LUMPUR, April 12 (Bernama) -- Distributor of Information Communication Technology (ICT) products and related activities Artroniq Bhd has entered into a share sales agreement to acquire the remaining 245,000 ordinary shares in Artroniq Innovation Sdn Bhd (AISB) for RM14.7 million.
The proposed acquisition represents a 49 per cent stake in AISB and the vendors are Heng Chip Hian and Seniq Kinetic.
Artroniq said the proposed acquisition will be fully satisfied via an issuance and allotment of 26.07 million Artroniq shares at the issue price of RM0.5639 per Artroniq share, it said in a Bursa Malaysia filing.
Artroniq said the proposed acquisition is an opportunity for the group to further improve its financial performance by consolidating the financial results of AISB.
The issuance of consideration shares as settlement will also enable the group to conserve its cash resources, channel it towards financing the group’s operations, and at the same time, align the interests of the vendors with those of the group as shareholders of the company, it said.
AISB was established last year as a 51 per cent-owned subsidiary to undertake the provision of point of sale (POS) solutions and distribution of POS hardware, peripherals and related services.
-- BERNAMA
Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
© 2022 BERNAMA • Disclaimer • Privacy Policy • Security Policy