Beng Kuang to acquire stake in A*Star spin-off

BENG Kuang Marine BEZ : BEZ 0%has agreed to acquire a strategic stake in I.O.T Workz, an A*Star spin-off company that provides Internet of Things (IoT) centric solutions.

In a press statement issued Monday (Mar 7), the mainboard-listed group said it will acquire a 10 per cent equity stake in the IoT company, with a first right of refusal to acquire another 20 per cent stake.

No details of the acquisition consideration were disclosed.

I.O.T Workz offers multi-dimensional, multi-scene end-to-end IoT integration with analytic capabilities involving solution design, software design and development, data analytics and dashboard deployment.

The company has deployed automation projects in offices, communities, industrial, hospitality, healthcare and education.

It recently entered a collaboration with A*Star to develop and productise a smart asset management system that can be adopted for indoor and outdoor applications, based on a sensor network that is being powered wirelessly.

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"Through this acquisition, we aim to build on our technology ambitions to create new business opportunities and strengthen our business model, so as to deliver value to our employees, customers and communities that we serve," said Beng Kuang chief executive Yong Jiunn Run.

In conjunction with news of its stake acquisition, the group announced its establishment of an in-house strategic innovation business unit with a goal to improve productivity and harness new business opportunities through technology innovations.

This new unit will focus on keeping abreast of technology developments and emerging trends so as to enhance the business activities of Beng Kuang's core businesses and improve sustainability, said the group.

It also aims to incubate promising startups and establish new technology partnerships and collaborations with a long-term value-creation approach.

Beng Kuang has appointed Mike Chua, described by the group as a technology veteran with 28 years of industry experience, to spearhead the strategic innovation business unit as its chief technology officer.

Shares of Beng Kuang were unchanged at S$0.075 as at the midday break on Monday, after the announcement was made.

READ MORE: 

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• Applied Materials and A*Star invest US$210m in research on heterogenous integration over 5 years