KUALA LUMPUR: Orion IXL Bhd, an information technology (IT) company formerly known as CWorks Systems Bhd, is proposing to acquire its rival, ASAP Bhd, for RM73mil.
The company said it would pay RM39mil cash and issue new rights shares that came with free detachable warrants to complete the deal.
The rights shares, to be subscribed by the owners of ASAP, will be issued at 18 sen each.
“As both the Orion Group and ASAP provide solutions of similar nature, the proposed acquisition will allow the group and ASAP to explore the potential of harnessing each other’s technology, expertise and client base,” it said in a filing with Bursa Malaysia on Monday.
ASAP has given a RM7.5mil profit guarantee a year, or a RM15mil cumulative profit after tax for two years. The Orion Group is principally involved in the provision of computerised maintenance management systems.
It also provides other IT services such as systems integration, support services and training.
Its clients include companies involved in facility management, manufacturing, oil and gas, airports, mining, healthcare, education, municipalities and other activities.
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