KUALA LUMPUR (July 13): Asia Bioenergy Technologies Bhd (AsiaBio) has become a substantial shareholder in DGB Asia Bhd after acquiring shares in the latter through a private placement.

DGB Asia is the fifth ACE-listed companies in which AsiaBio owns a substantial stake. The other four are VSolar Group Bhd, Focus Dynamics Group Bhd, NetX Holdings Bhd and AT Systematization Bhd.

In a filing with Bursa Malaysia, AsiaBio said its wholly-owned unit Perfect Power Group Ltd paid RM1.84 million to acquire 48.9 million shares in DGB Asia at 37.62 sen apiece.

Following the acquisition, AsiaBio said holds a 9.09% stake in the enlarged share capital of DGB Asia, a software and technology services provider that owns an automatic identification and data capture (AIDC) technology.

Justifying the move, AsiaBio said the entry into DGB Asia was due to its interest in the AIDC technologies which it wants to expand in Southeast Asia.

AsiaBio said DGB Asia currently provides its products and services to customers in the hospitality and consumer services as well as other business verticals in the supply chain industry.

“This technology is important to all businesses as it helps to reduce data entry costs, eliminate errors associated with identification and data collection and accelerate basic processes,” AsiaBio said.

It added that the AIDC technology will be useful as it can be applied within its group of investee companies and create synergies that may increase the value of its investments.

“AIDC technology is set to become a staple technology in the world for every business and its outlook will remain favourable in the long term future due to increasing demand for AIDC technology in businesses,” the technology and business incubator added.

Shares in AsiaBio closed unchanged at 14 sen today, with 8.07 million shares dones, for a market capitalisation of RM61.84 million.