Opcom Holdings Berhad (KLSE:OPCOM) entered into a conditional share sale agreement to acquire 49% stake in Transgrid Ventures Sdn Bhd from Datin Sri M Saraswathy for MYR 98 million on August 1, 2023. As part of the transaction, Opcom will also acquire the subsidiaries of Transgrid - Transmission Grid Ventures Sdn Bhd, Raub Energy Ventures Sdn Bhd, and Transgrid Borneo Sdn Bhd. The consideration will be satisfied by a combination of shares and cash. The shares portion amounting to MYR 49 million shall be satisfied via the issuance of 62,941,554 new ordinary shares in Opcom and the balance of up to MYR 49 million shall be satisfied via cash of which MYR 34.3 million is tied to the performance of Transgrid. The cash consideration will be funded via Opcom Group?s internally generated funds. However, Opcom may also use a combination of internally generated funds and bank borrowings to optimise the funding cost, if required. Transgrid reported revenue of MYR 141.4 million, net income of MYR 4.5 million and net assets of MYR 75.9 million for 2022. The transaction is conditional upon Bursa Securities, for the listing of and quotation for the consideration shares and shareholders of Opcom for the proposals at an EGM. The transaction is expected to close in the fourth quarter of 2023. M & A Securities Sdn Bhd has been appointed as the principal Financial adviser to Opcom Holdings Berhad (KLSE:OPCOM).

Hextar Capital Berhad (KLSE:HEXCAP) completed the acquisition of 49% stake in Transgrid Ventures Sdn Bhd from Datin Sri M Saraswathy on January 10, 2024.