Zetrix AI to acquire 50% stake in Philippine
Zetrix AI Bhd is acquiring a 50% stake in the Philippines-based IT services provider MYEG Ventures Inc for RM130 million. The deal, funded through cash and shares, is intended to expand the company's market presence in the Philippines.
Why it matters
This acquisition is a strategic move for Zetrix AI to scale its operations in Southeast Asia despite recent downward pressure on its stock price.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Sept 2): Zetrix AI Bhd (KL: ZETRIX ) is acquiring a 50% stake in Philippines-based information technology services provider MYEG Ventures Inc for RM130 million via a cash-and-share deal.
In a bourse filing, the digital services provider said it entered into a share purchase agreement with Next Lion Ltd on Sept 1 to acquire 15.25 million ordinary shares in MYEG Ventures.
MYEG Ventures is principally involved in providing information technology services.
The company holds a 60% stake in MYEG Philippines Inc. Upon completion of the acquisition, MYEG Philippines will become a subsidiary of Zetrix AI.
Zetrix AI said the acquisition is aimed at strengthening the group’s expansion strategy in the Philippines by establishing and enhancing its presence in the market.
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