SkyGate Solutions Bhd has announced a strategic move to increase its stake in SkyGate Integration Sdn Bhd to 95%, following a RM9.8 million share-based acquisition agreement.
In a filing with Bursa Malaysia, the telecommunications and technology company confirmed it has entered into a share sale agreement with Ong Chee Fui to acquire a further 44% equity interest in SkyGate Integration. The purchase will be entirely satisfied through the issuance of approximately 14.63 million new SkyGate shares at 67 sen per share.
This latest development builds upon SkyGate’s earlier acquisition disclosed on 15 April 2025, in which the group acquired a 51% interest in SkyGate Integration for RM10.71 million in cash. As part of that transaction, SkyGate Integration had an outstanding debt of RM1.08 million to Ong Chee Fui, stemming from a loan provided by Kumpulan Modal Perdana Sdn Bhd.
Under the terms of the current proposal, the RM1.08 million debt will be settled via the issuance of 1.61 million new SkyGate shares, also priced at 67 sen per share.
Following the completion of this transaction, SkyGate Integration will become a 95%-owned subsidiary of SkyGate Solutions.
The group stated that the proposed acquisition aligns with its long-term strategic objective of expanding operations and enhancing shareholder value. SkyGate highlighted that this consolidation will not only strengthen its market positioning but also bolster its presence in the electrical and electronics (E&E) sector. The integration of SkyGate Integration’s capabilities in software development, system integration and technology solutions is expected to complement the group’s existing services, enabling a broader offering to a wider client base.
-The Star
