KUALA LUMPUR, Jan 7 — Time dotCom Bhd has completed the acquisition of 600,000 shares representing a 60 per cent stake in AVM Cloud Sdn Bhd from the latter’s founding shareholders for about RM58.7 million.
In a filing with Bursa Malaysia today, it said AVM Cloud has also simultaneously completed the acquisition of 400,002 shares, or about 40 per cent equity interest, in Integrated Global Solutions Sdn Bhd from the minority shareholders of IGS for some RM5.1 million. “In connection with, and subject to the completion of the acquisition of AVM Cloud and acquisition by AVM Cloud of IGS shares, the capital of AVM Cloud will be increased by the issuance of new shares to Time dotCom, the founder shareholders and the additional shareholders, for a total subscription price of about RM7.5 million,” it said.