Censof buys 30.87% of ABSS for RM14.1mil

TheStar Fri, Apr 02, 2021 09:20am - 1 month ago


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

PETALING JAYA: Financial software firm Censof Holdings Bhd has completed the acquisition of a 30.87% equity interest in Asian Business Software Solutions Pte Ltd (ABSS) for RM14.1mil.

The purchase consideration was arrived at a “willing-buyer, willing-seller” basis after taking into consideration, among others, ABSS’ historical financial performance, prospects and value of its proprietary software portfolio, the company said in a statement yesterday.

With the completion of the acquisition of this 30.87% stake, which was acquired from ABSS’ minority shareholders, namely, Paul Alistair Jennings, Fox Equities Pty Ltd and Lum Chong Eu, who disposed of a 22.34%, 7.27% and 1.26% interest in ABSS respectively, Censof’s stake in ABSS has increased to 89.07% from 58.20% previously.

Group managing director Ameer Shaik Mydin said the strategic investment was aligned with the company’s strategies of growing its business in providing financial management solutions to the commercial and 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.

ABSS is a developer and supplier of ABSS-branded financial management and accounting software that supports the Asian SMEs and cloud-based accounting product, namely, Financio that caters for startups and entry-level SMEs.






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