We use cookies
To help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Straits Energy buys 70% stake in technology firm to drive its digital transformation


Straits Energy buys 70% stake in technology firm to drive its digital transformation

Straits Energy Resources Bhd’s 75%-owned subsidiary Straits Technology Solutions Sdn Bhd (STS) is buying a 70% stake in broadband internet solutions provider Macro Lynx Sdn Bhd for RM700,000 cash. - TheEdgeMarkets

Straits Energy said it intends to drive the digital transformation of the oil and gas industry by enhancing the usage of automation, surveillance, remote operations and big data analytics through the Internet of Things, to achieve better performance and productivity.

Straits Energy is also exploring and tapping into business opportunities in the 4G and 5G roll-out. Barring any unforeseen circumstances, the proposed acquisition is expected to contribute positively to the group’s earnings.

Straits Energy

In a bourse filing on Friday (Dec 16), Straits Energy said STS had on Friday entered into a share sale agreement with ViewQwest Sdn Bhd for the proposed acquisition. ViewQwest owns the remaining 30% equity interest in Macro Lynx.

Macro Lynx slipped into the red in the financial year ended Dec 31, 2021 (FY2021), posting a net loss of RM1.08 million, compared to a net profit of RM3.55 million in FY2020. It had a net cash position of RM22.43 million as at Dec 31, 2021.

The proposed acquisition is expected to be completed in the first quarter of 2023.

Straits Energy shares closed unchanged at 12.5 sen on Friday, translating into a market capitalisation of RM117.77 million.

Relevant news

Halliburton, PTTEP partner to advance digital transformation solutions for East Asian energy industry
Halliburton and PTTEP signed a MoU for market digital transformation solutions in Thailand.
Systemiq and Altruistiq join forces to accelerate businesses’ path to Net Zero
Systemiq announced a partnership with Altruistiq to transform how organisations make data-driven decisions.
Enagás partners with Hanseatic Energy Hub; strengthens energy security in Europe
Enagás has been chosen by Hanseatic Energy Hub GmbH as its industrial partner for the operation of the terminal at the Stade industrial park.
The UAE is establishing the energy technologies of the future with a visionary policy
Low-cost solar power, carbon capture, and clean hydrogen power are all being proven to scale in the UAE.
AIS survivex wins digital innovation award in the offshore achievement awards for bp work
AIS Survivex, was crowned winner of the Digital Innovation Award at the SPE Offshore Achievement Awards.
Ministers from around 40 countries meet to discuss the current gas crisis
Energy Ministers from around 40 countries took part in meeting on Gas Markets.