11-07-2025
SkyGate to raise stake in SkyGate Integration to 95% via RM9.8mil share deal
KUALA LUMPUR: SkyGate Solutions Bhd has entered into a share sale agreement with Ong Chee Fui to acquire a 44% equity interest in SkyGate Integration Sdn Bhd for RM9.8mil.
In a filing with Bursa Malaysia, the telecommunications and technology firm said the purchase will be fully satisfied through the issuance of approximately 14.63 million new SkyGate shares at 67 sen per share.
This follows SkyGate's earlier announcement on April 15, 2025 regarding the acquisition of a 51% stake in SkyGate Integration for RM10.71mi cash.
As part of that deal, SkyGate Integration owed RM1.08mil to Ong, which was part of a loan from Kumpulan Modal Perdana Sdn Bhd (KMP).
Under the current proposal, SkyGate will settle the RM1.08mil owed to Ong by issuing 1.61 million new SkyGate shares at 67 sen per share.
Upon completion of the proposed acquisition, SkyGate Integration will become a 95%-owned subsidiary of the company.
SkyGate said the proposed acquisition is part of its long-term strategy to grow the group's business, strengthen operations, and deliver greater value to shareholders.
It added that the move will enhance its market position and support growth in the electrical and electronics (E&E) sector. SkyGate Integration's expertise in software development, system integration, and technology solutions complements the group's existing portfolio, allowing it to offer a wider range of services to more customers.
