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KUALA LUMPUR: MY E.G. SERVICES BHD has entered into a deal to acquire a 10% stake in Labuan-based S5 Holdings Inc for RM90mil.

S5 is a private company involved in immigration security and control systems.

MYEG, in a filing with Bursa Malaysia today, said S5' solutions and systems are "complementary to the company's 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 said.

As of June 30, 2019, the net asset attributable to the shareholders of S5 amounted to RM21.7mil. It registered a net profit of RM63.2mil for the year ended June 30, 2019.

MYEG said today its wholly owned MY EG Capital Sdn Bhd has entered into a share sale agreement with Merrington Assets Ltd (MAL) to purchase 118 million shares in S5 for RM90mil.

The acquisition will be settled via a combination of RM75mil cash and issuance of RM15mil worth of new shares.

MYEG has also entered into a put and option agreement with MAL to reverse the acquisition.

The put and call options will be terminated if S5 is listed on an established stock exchange.


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