Censof increases equity interest in ABSS to 97%

Censof Holdings Bhd group managing director Ameer Shaik Mydin.

KUALA LUMPUR: Censof Holdings Bhd has acquired a 7.93% stake, or 41,680 treasury shares in Asian Business Software Solutions Pte Ltd (ABSS) for SG$1.28mil (RM4.09mil).

In a statement, the financial management software solution provider said the acquisition increased its equity interest in ABSS to 97.00% from 89.07% currently, upon completion of the acquisition.

Censof said the acquisition is expected to improve Censof’s earnings with its higher equity interest in ABSS.

It will also enhance the group’s long-term growth potential as well as strengthening its position as a market leader to provide the full spectrum of financial management solutions across all levels of market segment, it said.

Group managing director Ameer Shaik Mydin said the additional investment in ABSS is yet another one of its strategic decisions to enhance its financial performance in the near future.

“As we have always said, Censof is not only offering financial management solutions to the government sector, it is also aggressively expanding into the commercial and SME segment. ABSS is an excellent platform for us to grow.

“Back in 2015, we have acknowledged ABSS’ potential, with its strong presence in Southeast Asia and that was when we decided to acquire a 51% equity interest. Since then, we have increased our stake to 89.07% as of April last year. Over the last six years, we have seen exponential growth in ABSS.

“To date, ABSS has declared a total dividend of S$6.3mil or approximately RM20mil since the acquisition in 2015. On average, ABSS serves more than 300,000 SME clients across Malaysia, Singapore and Hong Kong, where ABSS is currently the market leader in Hong Kong and Singapore,” Ameer said.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Ringgit ends lower versus US dollar
MAA expects targeted diesel subsidy to have insignificant impact on vehicle sales
Proton recognised for excellence at Asean NCAP Grand Prix Awards 2024
PPB Group is major shareholder of Techbond Group
BHIC bags RM1.1bil contract from MinDef
Bursa Malaysia dips as nearly 700 stocks fall
World Bank raises China's GDP growth forecast
US jobless claims rise to highest in 9 months, led by California
Oil prices set for best week in over 2 months on demand outlook
Japan's Kirin offers US$1.4bil for rest of skin care brand Fancl

Others Also Read