KUALA LUMPUR, Jan 7 — Time dotCom Bhd has completed the acquisition of 600,000 shares representing a 60 per cent stake in AVM Cloud Sdn Bhd from the latter’s founding shareholders (founder shareholders) for about RM58.7 million.

In a filing with Bursa Malaysia today, it said AVM Cloud has also simultaneously completed the acquisition of 400,002 shares, or about 40 per cent equity interest, in Integrated Global Solutions Sdn Bhd (IGS) from the minority shareholders (additional shareholders) of IGS for some RM5.1 million.

"In connection with, and subject to the completion of the acquisition of AVM Cloud and acquisition by AVM Cloud of IGS shares, the capital of AVM Cloud will be increased by the issuance of new shares to Time dotCom, the founder shareholders and the additional shareholders, for a total subscription price of about RM7.5 million,” it said.

Time Dotcom said it had subscribed for a 60 per cent portion of such capital increase.

Pursuant to the completion of the acquisition of AVM Cloud and acquisition by AVM Cloud of IGS shares, Time dotCom will own a 60 per cent stake in AVM Cloud, while the founder shareholders and the additional shareholders will collectively own a 40 per cent equity interest.

Meanwhile, AVM Cloud would own 100 per cent equity interest in IGS, it added.

AVM Cloud is principally engaged in the provision of cloud computing services, systems integration services and information technology-related sales and services, while IGS is principally engaged in the marketing of computer hardware and software, as well as the provision of consultancy and support services related to computer programmes. — Bernama