KUALA LUMPUR, April 8 — Revenue Group Bhd’s (Revenue) wholly-owned subsidiary, Revenue Harvest Sdn Bhd, has entered into a conditional share sale agreement with vendors Ho Ee Lock and Chang Chew Soon to purchase the remaining 49 per cent stake in Revenue Secure for RM31.85 million.
Revenue Secure is principally involved in the research, development, and deployment of secured card issuing technology, as well as the provision of consultancy services on card programming.
In a Bursa Malaysia filing today, Revenue said on completing the proposed acquisition, Revenue Secure will be a wholly-owned subsidiary of Revenue Harvest, and an indirect, wholly-owned subsidiary of Revenue.
The proposed acquisition represents a strategic move by Revenue to streamline the company’s group structure and assume full control of the technology and operations of its subsidiary company, allowing it to manage and deploy its resources efficiently, the filing said.
“It will also allow Revenue to tap on Revenue Secure’s research and development capabilities and consolidate 100 per cent of Revenue Secure’s financial results and strengthen Revenue’s financial position,” it added. — Bernama
