Vasseti Eyes Two More Firms By Year-end

Vasseti Eyes Two More Firms By Year-end

Systematic search for acquisition candidates for further expansion and diversification – Companies from aviation and bus manufacturing industry targeted – 51% stake in large supplier of IT and communication infrastructure – Continuous growth strategy

KUALA LUMPUR, Nov 14 – Vasseti Bhd is on the lookout to acquire one or two companies in the South-Asian region by year-end, to diversify existing portfolios and further expand the company. Its group managing director Ranjeet Singh Sidhu said the company is in negotiations to acquire companies from the aviation industry and a bus manufacturing entity in China.

"We are also aggressively looking to merge and acquire other companies to expand our group," he told reporters after the signing of a sale and purchase acquisition agreement between Vasseti and HD Technology Sdn Bhd in Kuala Lumpur, last week on November 9. Under the agreement, Vasseti, an investment holding company led by businessman Tan Sri Syed Yusof Tun Syed Nasir, bought a 51 per cent stake in HD Technology, an integrated storage ICT infrastructure solutions provider.

"HD Tech is vital for the future deployment of fibre-based products and services under our telecommunications arm, V Telecoms Bhd," Ranjeet said when asked on the rationale for the transaction, but declined to reveal the purchase price.
Meanwhile, HD Technology managing director Zulkifli Abdul Latif said Vasseti can assist the company to look beyond its traditional market boundaries and provide the right solution to potential customers. The company was incorporated in October 2005 and has an authorised capital of RM5 million and paid-up capital of RM2 million.

It is primarily a distributor for Huawei Enterprise computing equipment and several other companies via its subsidiaries. Zulkifli also said that the company is in the final stages of implementing a RM850 million project in two states in Peninsular Malaysia. HD Technology is the lead company in the government's 'E-Tanah' project to automate the land system in the entire peninsula.

About Vasseti

Vasseti (UK) Plc (“Vasseti”) is a large, diversified conglomerate based in Kuala Lumpur. It was recently listed on the Frankfurt Stock Exchange and has been fully reporting on the Entry Standard Level since October 2011. It is an investment holding company with business interests in the field of network telecommunications, information technology and real estate. Vasseti consists of companies and businesses established from as long as fifteen years ago to several new, high growth business ventures it initiated last year. Vasseti has its business focus in three core business activities: Network Infrastructure Telco (owner and operator of fibre-optic telecommunication infrastructure and provision fixed-line network telecommunication infrastructure and services); Network Services (Provision of IP-based services, operation of MedikTV, and cloud computing services); and Property Development (Investment in strategic landed properties with potential for commercial and residential development). Apart from the above mentioned businesses, there are other supporting businesses which are either in the early stage of development (e.g. engineering, plantation, HR services, security services, fleet management, office automation business and private jet charter services).

Vasseti Berhad
Suite 2B-G-1, Ground Floor, Block 2B
Plaza Sentral, Jalan Stesen Sentral 5
50470 Kuala Lumpur

Ranjeet Singh Sidhu
Investor Relations Team
Tel.: +60193877218
ir@vasseti.co.uk

This release was published on openPR.