A UNIT of Japanese technology group NTT Data Group Corp. is buying a majority stake in Malaysian payments firm GHL Systems Bhd.
NTT Data Japan has agreed to buy 58.73 per cent of GHL Systems from some existing shareholders for RM724.1 million (S$208 million), or RM1.08 a share in cash, according to a statement from GHL Systems on Monday (May 27).
Following the agreement, NTT Data Japan will need to make a mandatory takeover offer to acquire all of the remaining GHL Systems shares.
Shares of GHL Systems, a payments services provider in South-east Asia, have climbed 45 per cent this year, valuing the firm at about US$245 million.
NTT Data Group, based in Tokyo and part of the telecommunications conglomerate NTT Group, offers information technology services including consulting, network development and software. Its shares have risen 21 per cent this year, giving the company a market value of about US$21.6 billion.
Japanese companies have been eyeing assets in South-east Asia as they seek to expand and tap into the region’s growth potential. Last month, Mitsui and Rohto Pharmaceutical agreed to buy Eu Yan Sang International, in a deal valuing the traditional Chinese medicine company at S$800 million. BLOOMBERG
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia’s fast-growing economies.
