Zen Tech to acquire 70% stake in Alpha Fintech for RM10mil

TheStar Tue, Apr 02, 2024 06:33pm - 1 month View Original


KUALA LUMPUR: Zen Tech International Bhd has proposed to acquire a 70% stake in Alpha Fintech Sdn Bhd for RM10mil cash.

In a filing with Bursa Malaysia, the IT service management company said it entered into a share sale agreement (SSA) with Koh Chee Siong for the acquisition of 4.16 million ordinary shares, representing a 70% stake in Alpha.

Alpha will become a 70%-owned subsidiary of Zen Tech upon completion of the proposed acquisition. Alpha is principally engaged in selling credit card terminals, prepaid Visa or Mastercard, and other IT activities.

Zen Tech said the proposed acquisition presents an opportunity for the group to acquire an ICT company which is in line with the group’s expansion plan with the potential synergistic benefits to be derived from the integration of Aplha with the group and to improve the financial performance of the group’s business in the IT and ICT segment in the future.

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