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StarHub unit buys 88% of Strateq's shares for S$82.1m
MAINBOARD-listed telco StarHub has inked a deal to acquire, through an indirect subsidiary, a significant stake in a Malaysian information and communications technology company for S$82.1 million.
The company said in a statement on Wednesday that its Malaysia-based subsidiary Taman Kenyir Holdings will pay the initial consideration for 88 per cent of Strateq's shares.
Established in 1988, Strateq transformed from a systems integrator to designing and delivering data-driven digital solutions to serve predominantly enterprise and government customers across Malaysia, Singapore, China, Hong Kong, Thailand and the United States, the telco said.
It added that Strateq focuses primarily on healthcare information systems, retail fuel information technology (IT) managed services and payment solutions, cloud services, data analytics, data centre services and IT infrastructure projects.
StarHub said it is strengthening its enterprise digital services capabilities across the region through this investment in Strateq, following the creation of cyber security firm Ensign InfoSecurity.
Peter Kaliaropoulos, chief executive of StarHub, said: "As every business and government client is involved in digital transformation, data-driven solutions based on systems integration, cyber security, data analytics and managed infrastructure services provide the right opportunity for growth."
StarHub's shares closed at S$1.45 on Wednesday, down five Singapore cents or 3.33 per cent from the previous day.