PETALING JAYA: SMRT Holdings Bhd
is planning to acquire a 37.5% stake in Singapore-based Novus Technologies Pte Ltd (NTPL) for S$7.09mil, or RM22.48mil, which marks another step in the group’s shift toward a pure-play information technology business.
The company said it signed a conditional sale and purchase agreement yesterday with Asia Fintech Ventures Group Pte Ltd (AFVG), the sole shareholder of NTPL, for 1.69 million shares in the digital infrastructure and payments technology firm.
NTPL, incorporated in 2013, specialises in self-service and retail transaction infrastructure, including deployment of automated teller machines, point-of-sale systems and agent banking solutions across Southeast Asia.
The group operates subsidiaries in Sri Lanka, the Philippines and Cambodia, and recorded revenue of S$12.81mil and profit after tax of S$496,000 for the financial year ended March 31, 2025.
SMRT said the deal gives the enlarged group immediate access to NTPL’s technology stack and customer footprint.
“The proposed acquisition forms part of SMRT Group’s growth strategy to strengthen its IT (information technology) and digital solutions business,” the board noted in a filing to Bursa Malaysia, adding that the deal would help the group deliver “integrated digital and IoT (Internet of Things) solutions to financial institutions and enterprise customers across Southeast Asia.”
SMRT also expects synergies in customer access, product offerings as well as research and development. It highlighted that these mutual synergies will be the focus over the next 12 to 18 months, and that the acquisition may “contribute positively to the enlarged group’s recurring revenue profile and regional growth prospects.”
The purchase price—fully funded via internal resources—was based on an enterprise value over earnings before interest, tax, depreciation and amortisation (EV/EBITDA) multiple of 9.66 times, after considering NTPL’s historical performance and prospects.
A S$1mil deposit was paid upon signing the letter of intent in October, with the remaining S$6.09mil due upon completion.
SMRT said it will not assume additional liabilities beyond those arising from the agreement, nor are further capital injections required after completion, given NTPL is already an operating business.
The company added that no directors or major shareholders have any interest in the deal.
The acquisition follows SMRT’s earlier realignment efforts, including the 2023 purchase of the remaining 36% in N’Osairis Technology Solutions and the disposal of its education unit—moves aimed at transforming the group into a focused IT solutions provider.
“The proposed acquisition represents a further step in SMRT Group’s future growth plans,” the board said, expressing confidence that the deal “will potentially augur well for the long-term growth prospect of SMRT Group.”
Completion is expected by the fourth quarter of 2025.
