Income to accumulate remaining 49% stake in Income Safe for RM31.85mil



KUALA LUMPUR: Income Group Bhd has proposed to buy the remaining 49% fairness curiosity in Income Safe Sdn Bhd for RM31.85mil.

In a submitting with Bursa Malaysia, Income mentioned its wholly-owned subsidiary, Income Harvest Sdn Bhd had entered right into a conditional share sale settlement with Ho Ee Lock and Chang Chew Soo for the proposed acquisition.

The cashless fee options supplier mentioned the acquisition consideration could be happy by the difficulty of 21.09 million new unusual shares in Income at a difficulty value of RM1.51 every.

Income Safe is principally concerned in analysis, improvement, deployment of secured card issuing expertise, provision of consultancy providers on card programming and laptop expertise with encryption and high-end safety features for every kind of purposes.

Primarily based on the unaudited monetary statements for the 6-month interval ended Dec 31, 2021, Income Safe recorded a revenue after tax of RM2.2mil and a internet asset of RM3.86mil.

Upon completion of the proposed acquisition, Income Safe can be a wholly-owned subsidiary of Income Harvest and an oblique wholly-owned subsidiary of Income.

“The proposed acquisition represents a strategic transfer by Income to streamline the corporate’s group construction and assume full management of the expertise and operation of its subsidiary firm, thus permitting Income to handle and deploy its assets in an environment friendly method.

“The proposed acquisition will permit the corporate to totally faucet on the robust R&D capabilities and present software program options of Income Safe as talked about above.

“As well as, the proposed acquisition will allow each events to additional leverage on one another’s energy and enterprise relationship and supply a complete issuing and buying fee infrastructure and answer to our buyer(s),” it mentioned.

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