Industronics Bhd, a Bursa Malaysia Securities Berhad-listed electronics company, has signed a Memorandum of Understanding (MoU) with the China's State Development & Investment Corporation Ltd (SDIC).
The agreement is in line with its acquisition plans of a 10% stake in Bluemount Financial Group Ltd, a Hong Kong-based stockbroking, asset management and credit firm, with Industronics Berhad receiving an estimated USD$1bil (RM4.5bil) in funding from the state-owned investment holding company to set-up and expand asset management and capital market services.
Datuk Chu Boon Tiong, executive director of Industronics, commented that the firm is confident in SDIC's strong track record in investment, restructuring and capital operations that will put the company on a fast track to expanding into capital market services.
“Industronics’ expertise in cloud solutions and digital offerings, the proposed acquisition of Bluemount and collaboration with SDIC, will put the group in the driver’s seat to push for digital brokerage services in the region, as well as the capturing the potential delisting of China companies in the United States.”
He added that their future collaboration plans will involve acquisitions or collaborations with a local stockbroking firm in Malaysia.