Pic By HUSSEIN SHAHARUDDIN

Tenaga Nasional Bhd (TNB) has entered into a conditional sale and purchase agreement with Setia Haruman Sdn Bhd to acquire its 100% equity interest in Setia Haruman Technology Sdn Bhd (SHTech) fror RM28 million cash.

Upon the completion of the proposed acquisition, SHTech will become a wholly owned subsidiary of TNB and will continue with its existing business as an information technology- related services provider.

In an announcement to Bursa Malaysia last Friday, the national power utility noted that it will fund the deal with internal funds.

The acquisition of SHTech is part of TNB’s strategies venturing into various services such as smart meters, smart homes, smart buildings, smart industries and smart cities.

Moreover, the proposed acquisition is expected to be completed by the first quarter of 2018.