KUALA LUMPUR, March 11 — AT Systematization Bhd’s unit AT Engineering Solution Sdn Bhd will acquire all 127.896 million shares in Asdion Bhd for a cash offer price of 50 sen per share.

In a filing with Bursa Malaysia, the machinery industry company said the offer was undertaken to gain statutory control of Asdion and to participate as a controlling shareholder in the businesses of the Asdion group (if the offer is successful).

It intends to maintain the listing status of Asdion on the ACE Market of Bursa Malaysia.

"The additional income stream from the businesses of the Asdion group will reduce the AT Systematization group’s reliance on its existing businesses.

"We believe that the logistics business has growth potential particularly in view that the demand in the logistics sector is expected to remain strong, supported by, among others, the increased e-commerce activities amid the ongoing Covid-19 pandemic as well as improved logistics infrastructure, with increased route networks and connectivity across Malaysia,” it said. — Bernama