KUALA LUMPUR: My EG Services Bhd
‘s unit MY EG Capital Sdn Bhd has entered right into a share sale settlement with S7 Holdings Sdn Bhd for the purchase of 118 million shares or 10% stake in S5 Holdings Inc for RM86.5mil.
In a bourse submitting, MYEG mentioned S5 is a worldwide built-in security solutions provider, delivering actual solutions and quantum-leap advances to each governments and enterprises.
It added that S5 gives the experience and solutions to meet nationwide challenges in homeland security, defence, and intelligence, areas of important significance to nationwide pursuits.
According to its audited report, the online asset attributable to the shareholders of S5 amounted to RM50.25mil as at June 30, 2020, and its web revenue amounted to RM28.53mil.
“MYEG because the main e-government companies provider in the area is dedicated to constantly broadening its product and repair choices to guarantee it stays on the forefront of supporting nationwide digital aspirations and enhancing authorities service supply by means of the deployment of cutting-edge expertise and improvements.
“In this connection, the Proposed Acquisition is per these overarching targets as S5’s enterprise actions, solutions and methods are complementary to the Company’s current and potential service choices, particularly throughout the Immigration house in Malaysia,” it added.
