TOKYO (dpa-AFX) - Japanese electronics company Hitachi Ltd. (HTHIY.PK) on Wednesday said it has completed the acquisition of Malaysian financial IT solutions company eBworx Berhad, which is now consolidated as its subsidiary.
During the take-over offer period commenced on April 26, Hitachi acquired 189.81 million shares or 98.23 percent of outstanding shares until May 22 for 0.90 Malaysian ringgit per share. The total purchase amount was 170.83 million Malaysian ringgit or approximately 4.6 billion yen.
In addition, Hitachi acquired 0.53 percent shares through purchase from open market, and it owns total 98.76 percent of the company. Hitachi now will proceed to compulsorily acquire all the remaining shares of eBworx. Final date of settlement of the offer is May 30.
Hitachi noted that eBworx has an extensive customer base most notably with major banks in Malaysia and Singapore, with widely used software products such as in Internet Banking and credit management systems.
Through this acquisition, Hitachi aims to expand its system solutions business by targeting Japanese and local financial institutions that are increasing their investments in global operations, especially in Southeast Asia and China, the company said.
In Japan, Hitachi shares are currently trading at 449 yen, down 10 yen or 2.18 percent.
In the U.S., Hitachi closed Tuesday's trading at $57.42, up $0.54 or 0.95 percent.
Copyright RTT News/dpa-AFX