PETALING JAYA: Orion IXL Bhd, an information technology (IT) company formerly known as CWorks Systems Bhd, is proposing to acquire rival ASAP Bhd for RM73mil.
The company said it will pay RM39mil cash and issue new rights shares that come 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 yesterday.
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