DRB-Hicom to place aircraft systems business directly under Deftech

An artist impression of the new DefTech AV-8

KUALA LUMPUR: DRB-Hicom Bhd’s unit DRB-Hicom Defence Technologies Sdn Bhd (Deftech) has entered into a share sale agreement with its 96.87%-owned subsidiary, Composites Technology Research Malaysia Sdn Bhd (CTRM), to acquire 100% equity interest in three companies for RM1.04mil. 

The companies are CTRM Systems Integration Sdn Bhd, CTRM Aviation Sdn Bhd and Unmanned Systems Technology Sdn Bhd. 

DRB-Hicom, in a filing with Bursa Malaysia on Friday, said the acquisition was aimed at facilitating an internal reorganisation. 

It said on completion of the proposed internal reorganisation, the acquired companies would become Deftech’s wholly-owned subsidiaries. (Deftech makes armoured and logistics vehicles.)

“This will allow Deftech to play a more proactive role to grow the acquired companies businesses in the defence industry, whilst enabling CTRM to focus and expand its businesses in the aerospace and non-aerospace composites manufacturing and the relevant laboratory composites testing,” it said. 

It added that the proposed internal reorganisation is expected to be completed by the second quarter of this year, conditional upon obtaining approvals/consent from the financiers of CTRM and Deftech. - Bernama