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

GO DIGITAL ENERGY

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.

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