Systech Bhd (KLSE:SYSTECH) entered into a conditional share sale agreement to acquire Wilstech from Low Min Yew, Sea Capital LP managed by PE Capital Limited and Maybank Trustees Berhad for MYR75 million on December 22, 2023. Upon completion of the Proposed Acquisition, Wilstech will become a wholly-owned subsidiary of Systech. Systech had earmarked MYR 20 million from the proceeds of the Proposed Shares Issuance for the payment for the cash consideration for the acquisition. The transaction is conditional upon procurement by Systech of the approval of the Board of Systech for the acquisition, the procurement by Systech of the approval and/or waiver of the shareholders of Systech at an extraordinary general meeting in relation to the acquisition, conduct and completion of a financial and legal due diligence, completion of proposed shares issuance, the procurement by Systech of the approval from Bursa Securities in relation to the listing and quotation of the Subscription Shares and the Consideration Shares, all advances due to/from the Vendors or related parties/companies having been settled, other waivers, consents or approval as may be required from any third party and the procurement by the Vendors of the written consents and approvals from the Wilstech?s financiers. The transaction is expected to expected to be completed in the 2nd quarter of the calendar year 2024.
TA Securities Holdings Berhad is acting as independent adviser to Systech Bhd. Malacca Securities Sdn Bhd is acting as principal advisor to Systech Bhd.