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

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