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acquisition is conditional upon fuelsubs securing fuel subsidy project - polycarbonate material

by:Cailong     2019-07-22
acquisition is conditional upon fuelsubs securing fuel subsidy project  -  polycarbonate material
Petaling jaya: Datasonic Group Bhd will pay RM10mil to purchase a 30% stake in Sdn Bhd at Fuelsubs House (FHSB)
A company that bids to manage the fuel subsidy program.
In a document submitted to Bursa Malaysia yesterday, Datasonic said that the conditions for the acquisition were that Fuelsubs received a letter of award from the government to implement the project.
According to StarBiz, Datasonic plans to participate in a project to allocate fuel subsidies.
Yesterday, Datasonic signed a share sale agreement (SSA)
HKS Primatrix Sdn Bhd, Habib Rahman Kadir Shah, Datu Razali Menina merican and currently have 364%, 33.
6%, 25% and 5%, respectively.
Datasonic said that the proposed acquisition is in line with the group's market expansion strategy and provides a good opportunity for the group to expand its business and participate in projects that will be carried out by Fuelsubs.
"Datasonic expects the proposed acquisition to make a positive contribution to its future earnings," the company said . ".
SSA's condition is that FHSB receive a government award letter to manage fuel subsidies and non-fuel subsidies
The performance of the prerequisites may result in the termination of SSA.
In an update to the company yesterday, RHB Research believes that given that it also makes MyKad, there is a good chance that Datasonic will get a place in the program.
"This may ensure that the proposed new fuel subsidy program is fully integrated with the existing MyKad platform," the company said in a report . ".
While it is still too early to quantify the potential revenue growth of these initiatives, RHB Research is positive about the chances that Datasonic will get them if the government decides to roll them out, given the company's success in implementing the latest version of MyKad.
It believes that this can provide space for another reconstruction
But now, the Research Institute has just maintained a "neutral" call for the counter, with fair value unchanged at m2.
04, based on the price of 25 times in the Financial Times in 2016to-earnings ratio.
On April, Datasonic announced that it had obtained a contract to provide rm72 mil with 4 million new raw materials MyKad to the National Registry from January 1-6 to 30, which contained 100%
In addition, from July 1-20 to June 30, the company will provide NRD with 10 million MyKad with the same function for two years at a price of RM220.
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