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New Advent to purchase Willowglen MSC
Posted on Thursday, 12 October 2017 10:18
New Advent has offered to acquire the remaining 45.0 per cent of Bursa Malaysia-listed Willowglen MSC via a cash deal worth MYR 87.60 million (USD 20.78 million).
The purchase price of MYR 0.80 per share represents a 32.2 per cent discount over the target’s close on 10th October 2017, the last trading day prior to the deal being announced.  
Willowglen is currently backed by venture capitalist OSK Ventures, which is expected to make a full exit through the takeover.
New Advent is an investment holding company and is largely owned by the target’s managing director Wong Ah Chiew.
The buyer has appointed RHB Investment Bank to assist with the deal, which is expected to close next month.
New Advent already owns the majority of Willowglen after it upped its stake from 32.1 per cent to 55.0 per cent following a MYR 44.61 million share purchase last month.
Based in Kuala Lumpur, Malaysia, the target is a developer of industrial automation control and surveillance systems that enable businesses to monitor their facilities remotely.
It is active in Malaysia, Singapore, Vietnam and Indonesia, and is looking to expand its business in Canada.
The group posted revenue of MYR 72.73 million in the six months ended 30th June 2017, up 24.4 per cent on the MYR 58.48 million recorded during the same timeframe in the previous year.
Profit net of tax for the period totalled MYR 9.22 million, compared to MYR 7.51 million in H1 2016.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 26 deals targeting software developers and custom computer programming services providers announced in Malaysia since the beginning of this year.
The largest of these was Actis’ MYR 290.24 million purchase of a 44.4 per cent stake in GHL Systems.
© Zephus Ltd