Hong Seng acquires 51% stake in Innov8tif for RM30.8mil

KUALA LUMPUR: Hong Seng Consolidated Bhd has entered into a shares sales agreement with Innov8tif Consortium Sdn Bhd to acquire 717,570 shares in Innov8tif Holdings Sdn Bhd for RM30.855 million.

In a filing with Bursa Malaysia today, Hong Seng said the acquisition would pave the way for the company to venture into the digital industry.

It said that upon completion of the exercise, Innov8tif Holdings would become a 51 per cent-owned subsidiary of Hong Seng.

"The board is of the view that the business of digital identity (ID) assurance and digital ID verification solutions is a fast-growing sector as more organisations are embracing cloud computing and undergoing digital transformations in line with the post-app era where the mobile phone has become the gateway to the majority of interaction points,” it said. - Bernama

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