KUALA LUMPUR (Dec 8): Tenaga Nasional Bhd (TNB) is acquiring an information technology related services company from Setia Haruman Sdn Bhd, the master developer of Cyberjaya, for RM28 million cash.

The national utility company said the acquisition of Setia Haruman Technology Sdn Bhd (SHTech) provides strategic capability for it to further enhance its services to customers.

In a filing with Bursa Malaysia today, TNB said it has entered into a conditional sale and purchase agreement with Setia Haruman for the proposed acquisition of its wholly-owned subsidiary SHTech.

TNB added that the proposed acquisition will be funded via internal funds.

Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the first quarter of 2018.

TNB shares closed down 6 sen or 0.39% at RM15.52 today, giving it a market capitalisation of RM87.94 billion.

Source : theedgemarkets.com
Samantha Ho
December 08, 2017 20:10 pm +08

SHARE
Previous articleCyberjaya cashing in on E-wallet trend
Next articleRacism in Malaysia’s housing market: how landlords get away with barring African and South Asian tenants
As one of the premier cyber cities in the region, more than 700 companies, including over 30 multinational corporations, have chosen Cyberjaya as the preferred location to operate their businesses. With the current 16 established property developers vying to invest more than RM20bil in Cyberjaya by 2016, there will be more than 28,000 residential units with an expected population of 100,000 by then. The opening of Cyberjaya's first neighbourhood mall, D'Pulze Shopping Centre and IOI City Mall Putrajaya will serve as a catalyst to boost Cyberjaya to the next growth tier. Coupled with completion of various residential developments, Cyberjaya will see population expansion soon. Other catalysts would involve the upcoming Cyberjaya City Centre, Xiamen University Malaysia Campus, the Maju Expressway extension through Cyberjaya and the Sungai Buloh-Kajang-Putrajaya MRT 2 extension. If you are seeking investment opportunities, Cyberjaya should be in your checklist. Call 016-7737036 for more information.