PETALING JAYA: Master TEC Group Bhd
has completed its share subscription in Sediacom Sdn Bhd, a specialist in underground cable laying and overhead line installation services.
In a statement, Master Tec said it subscribed to 1.04 million new shares in Sediacom, representing a 51% equity interest, for a total cash consideration of RM3.74mil.
The subscription was fully funded through its internally generated funds, it added.
Chief executive officer Tee Kok Hwa said the acquisition of Sediacom was a significant step forward in its growth strategy, as it would enhance service offerings and create a strong synergistic effect.
“With Sediacom’s expertise integrated into our portfolio, we can deliver more comprehensive infrastructure solutions and secure larger projects. Backed by Sediacom’s healthy order book, we are well-positioned to expand our market share and drive sustainable growth in the power infrastructure sector.
“The board is confident that this strategic move will strengthen Master Tec’s competitive edge and generate long-term value for our shareholders,” he added.
