Tenaga Nasional Berhad (TNB) has completed the 100% equity acquisition in Setia Haruman Sdn Bhd’s subsidiary Setia Haruman Technology Sdn Bhd (SHTech) for a cash of consideration of RM28 million.
The completion of the deal came after all conditions precedent to the conditional sale and purchase agreement entered between TNB and Setia Haruman have been fulfilled.
TNB said with the completion of the acquisition, SHTech will become a wholly-owned subsidiary of the power company and will continue to carry out the existing business as an information technology related services provider.
SHTech is a wholly-owned subsidiary of Setia Haruman. SHTech is principally involved in the information technology related services. The issued share capital of SHTech is RM1,000,002.00 comprising of 1,000,002 ordinary shares.
TNB said the acquisition was funded with internally generated funds.
The power company said as part of its strategic initiative to pursue further growth, TNB plans to venture into various services such as smart meters, smart homes, smart building, smart industries and smart cities. – TMR