MMAG proposes to buy into Bestinet

PETALING JAYA: ACE Market-listed MMAG Holdings Bhd is proposing to acquire IT firm Bestinet Technology Sdn Bhd (BTSB), as part of its move to participate in the business of BTSB.

In a filing with Bursa Malaysia yesterday, MMAG said it had entered into a heads of agreement (HoA) with JR Joint Resources Holdings Sdn Bhd for the acquisition of shares in BTSB for a purchase consideration to be determined prior to entering into a definitive agreement.

“The HoA allows the parties to negotiate the terms of the definitive agreement. Upon the signing of the agreement, MMAG will be able to participate in the business of BTSB.”

BTSB is the pioneer of an end-to-end platform for the management of foreign workers in Malaysia. As at Sept 22, JR is a 19.48% major shareholder of MMAG, a company engaged in offering information and communication technologies solutions.

In a separate filing, MMAG announced that its managing director, Wong Eng Su, had resigned.

“He joined MMAG in April 2015 and brought with him over 17 years of experience in the logistics industry, ” MMAG said.

MMAG has attracted a lot of trading interest, especially after it entered into an exclusive partnership agreement with JR to provide total management solutions of foreign workers for China Communications Construction (ECRL) Sdn Bhd (CCCECRL).

CCCECRL is the main contractor for the 640-km multi-billion-ringgit ECRL project.