Synergistic value: File picture shows MyEg online office at the Immigration Department in Putrajaya. MyEG has said that S5’ solutions and systems are complementary to its existing and prospective service offerings, especially within the immigration space in Malaysia.
“The company intends to leverage the relationship with S5 to achieve greater synergies and mutual benefits, ” it has said. MAL has several shareholders: Vent Millions Sdn Bhd , Barolagun Sdn Bhd , Venstraits Sdn Bhd , Matrix Indeks Sdn Bhd and Sinar Estet Sdn Bhd . On top of the RM90mil purchase price, MyEG and MAL had also entered into a put-and-call option agreement that will allow MyEG to sell back the entire 10% stake to MAL for about RM90mil before deducting any dividend from S5 while MAL also has the option to buy back the 10% stake in S5 from MyEG for a similar amount.
Maybank Investment Bank Bhd, the bank that was involved in the deal, had then submitted the relevant documents to the Securities Commission some six months after the proposed acquisition was announced to the public in July 2016.