Malaysian investment holding company Kronologi Asia Bhd announced that it will acquire information technology infrastructure company Sandz Solutions (Singapore) Pte Ltd. for 75 million ringgits ($18 million).
Kronologi said that the acquisition will be funded using a combination of cash and new share issuance where it will issue 123.57 new shares at an issue price of $0.14 apiece and $1.2 million cash.
With this acquisition, Kronologi will enhance its existing business segments and allow it to expand into the Philippines and both companies will be able to leverage on each other’s expertise.
The acquisition will be completed in the first quarter of 2019. TA Securities Holdings Bhd, the Malaysian brokerage unit of TA Enterprise Bhd, will be an advisor on the deal.