Hextar Capital Bhd (HexCap), formerly known as Opcom Holdings Bhd, has completed the acquisition of 5.39 million ordinary shares representing 49% equity interest in Transgrid Ventures Sdn Bhd (Transgrid) for a total purchase consideration of up to RM98 million.
For the acquisition of the engineering, procurement, construction and commissioning (EPCC) player in the utility business will be satisfied through a combination of shares and cash.
In a Bursa filing today (Jan 10), the group said the completion of this acquisition also marks the diversification of the group’s business to include power generation and transmission, with Transgrid now being the associate of HexCap.
HexCap managing director Johnson Chang said the completion of the Transgrid acquisition and diversification is another significant step in the group’s transformation.
“The complementary technical capabilities, customer base and talent of Transgrid will further contribute to our growth. We are excited to welcome Transgrid.
“This acquisition and diversification brings together engineering and innovation-centric teams in taking an important step forward in building infrastructure to support the power generation and transmission sector in Malaysia.
“Together, HexCap is well positioned to build a more sustainable business proposition for its shareholders and that will continue with Transgrid for the benefit of stakeholders that both companies serve,” he said.
Chang added HexCap and Transgrid both share a commitment to providing solutions for resilient power generation and transmission infrastructure.
“The companies look forward to working together to reach even greater levels of success.”
HexCap is primarily involved in the manufacturing of fiber optic cables and cable-related products as well as the provision of telecommunication network infrastructure solutions.
