KUALA LUMPUR (Dec 1): Singaporean telecommunications provider M1 Ltd is acquiring up to a 70% stake in Glocomp Systems (M) Sdn Bhd, as well as its affiliated companies Global Computing Solutions Sdn Bhd (GCS) and GCIS Sdn Bhd (GCIS).
M1 will acquire all three Malaysia-based digital solutions firms for RM111 million via its wholly-owned Malaysian subsidiary AsiaPac Technology (M) Sdn Bhd.
The remaining 30% stake will continue to be held by its founders, the two companies said in a joint statement. GCS and GCIS will be restructured as wholly-owned subsidiaries of Glocomp.
“The founders of Glocomp, including managing director Joseph Giam and executive directors Alex Liew, Chan Tze Ming and Chan Yue Mun, will continue to play active roles as senior management of Glocomp,” the statement said.
M1 said the investment in the company marked M1’s continued expansion of its cloud and managed services business in Malaysia, following the acquisition of AsiaPac in 2018.
The exercise also adds new capabilities and talent resources to M1 with certified competencies in cybersecurity, enterprise systems, and multi-cloud infrastructure.
Chief executive officer of M1 Manjot Singh Mann said “Glocomp’s expertise in the information and communications technology sphere helps M1 to advance Keppel Corporation’s Vision 2030 and continuously create value for enterprises through innovative technology and digital solutions.”
M1 is a subsidiary of Keppel.
The initial tranche of the transaction is expected to be completed by the end of the first half of 2022.