Singapore’s M1 poised to buy ‘up to 70%’ of Malaysian ICT provider Glocomp, reports say

2 Dec 2021

Singaporean fixed and mobile operator M1, acting through its indirectly owned subsidiary AsiaPac Technology, is poised to acquire an ‘up to 70% stake’ in Malaysia-based Glocomp Systems and its two affiliate companies for SGD36 million (USD26.4 million), as part of M1’s continued expansion into the cloud services business. Local press cited a statement from M1 confirming that, if completed, the deal will see Global Computing Solutions (GCS) and GCIS restructured as subsidiaries of Glocomp and managed by a unified management team. The remaining 30% stake in Glocomp will continue to be held by its founders. AsiaPac will buy an initial 26% stake in Glocomp for USD6.3 million, ‘funded via a combination of subscription of new ordinary shares to be issued by Glocomp, and purchase of ordinary shares from Glocomp founders Liew Yoon Kit, Giam Teck Eng, Chan Yue Mun and Chan Tze Ming’, M1’s parent company Keppel Corporation confirmed in a separate statement. The initial tranche is expected to be completed in H1 2022.

Malaysia, Singapore, M1