KUALA LUMPUR: Vasseti Bhd (Vasseti) is on the lookout to acquire one or two companies in the region by year-end, to diversify existing portfolios and further expand the company.
Its group managing director Ranjeet Singh Sidhu said the company was in negotiations to acquire companies from the aviation industry and a bus manufacturing entity in China.
“We are also aggressively looking to merge and acquire other companies to expand our group,” he told reporters after the signing of a sale and purchase acquisition agreement between Vasseti and HD Technology Sdn Bhd (HD Technology) yesterday.
Under the agreement, Vasseti, an investment holding company led by businessman Tan Sri Syed Yusof Tun Syed Nasir, bought a 51-per cent stake in HD Technology, an integrated storage ICT infrastructure solutions provider.
“HD Tech is vital for the future deployment of fibre-based products and services under our telecommunications arm, V Telecoms Bhd,” Ranjeet said when asked on the rationale for the transaction, but declined to reveal the purchase price.
Meanwhile, HD Technology managing director Zulkifli Abdul Latif said Vasseti could assist the company to look beyond its traditional market boundaries and provide the right solution to potential customers.
The company was incorporated in October 2005 with an authorised capital of RM5 million and paid-up capital of RM2 million.
It is primarily a distributor for Huawei Enterprise computing equipment and several other companies via its subsidiaries.
Zulkifli also said that the company was in the final stages of implementing a RM850-million project in two states in Peninsular Malaysia.
HD Technology is the lead company in the government’s ‘E-Tanah’ project to automate the land system in the entire peninsula. — Bernama