Censof acquires additional 30.87% stake in ABSS for RM14.1mil

TheStar Thu, Apr 01, 2021 04:30pm - 1 month ago

KUALA LUMPUR: Technology holdings company Censof Holdings Bhd has completed the acquisition of 30.87 per cent equity interest in Asian Business Software Solutions Pte Ltd (ABSS) for RM14.1 million today.

Censof said the purchase consideration was arrived at a ‘willing-buyer, willing-seller’ basis after taking into consideration ABSS’ historical financial performance, prospects and value of its proprietary software portfolio.

"With the completion of the acquisition, which was acquired from ABSS’ minority shareholders, Censof’s stake in ABSS has increased to 89.07 per cent from 58.20 per cent previously,” it said in a statement.

Group managing director Ameer Shaik Mydin said this strategic investment was aligned with Censof’s strategies of growing the business in providing financial management solutions to the commercial and small and medium enterprises (SME) segment.

"We are certainly positive that this will improve our bottom line, enhance our long-term growth potential as well as strengthen our position as a market leader in this area,” he said.

He also said the company would continue to provide the full spectrum of financial management solutions across all levels of market segment, including the government sector. - Bernama

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