May 30, 2012
Hitachi Ltd's takeover of eBworx Bhd has been completed and the company is now consolidated as its subsidiary.
Kuala Lumpur, 30 May 2012 - Hitachi Ltd's takeover of eBworx Bhd has been completed and the company is now consolidated as its subsidiary.
In a statement issued from Tokyo, Hitachi said the acquisition of eBworx, the Malaysian-based financial information technology solutions company, commenced on April 26, 2012 and all settlement for shares were accepted by May 22, 2012.
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.
It said eBworx had 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 and a powerful development base, including highly-skilled human resources.
Through this acquisition, Hitachi said it aimed to expand its system solutions business by targeting Japanese and local financial institutions that were increasing their investments in global operations, especially in Southeast Asia and China.
Tokyo-based Hitachi, a global electronics company, has over 300,000 staff worldwide.
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