Citaglobal buys 30% stake in iFACTORS

PETALING JAYA: Citaglobal Bhd is expanding the scope of its renewable energy and telecommunications business with the acquisition of a 30% stake in submarine cable systems company iFACTORS Sdn Bhd for RM25.2mil.

In a statement, Citaglobal said the deal is expected to be earnings-accretive, with the acquisition coming with a two-year net profit guarantee of RM21mil.