Datuk Seow Gim Shen, chairman of a Nasdaq stock exchange listed company, and two other parties have collectively paid RM78.43 in cash to acquire a 53.27% stake in Rexit Bhd which provides products to support the entire spectrum of insurance processes and operations.

Seow, Metaco Assets Holdings Sdn Bhd, and Bemas Holdings Sdn Bhd have acquired the 92.27 million shares at 85 sen per share directly from Rexit Ventures Sdn Bhd (41.2%), Global Hartabumi Sdn Bhd (11.94%), and the current CEO, Datuk Chung Hon cheong (0.13%).

Prior to the acquisitions, the joint offerors did not hold any Rexit shares, according to a notice of unconditional mandatory take-over offer in an exchange filing today (Jan 17).

In the filing, it said that Seow serves as the chairman of Nasdaq-listed Titan Pharmaceuticals Inc, chairman at Prima Niaga Group Sdn Bhd, Zchwantech Sdn Bhd and Blackwolf Technology Sdn Bhd where he oversees the business management and development of IT and software services as well as distribution of retail electronics.

He is also a director at C Tech Solutions Sdn Bhd, Collaborate Technology Ltd and Black Chamber Management Sdn Bhd where he leads and manages the business development and operations, domestic and overseas professional outsourcing services as well as start-up incubation developments. He is also an executive director of C Tech Multimedia Sdn Bhd.

The offer is not conditional upon any minimum level of acceptances of the offer shares as the joint offerors already collectively hold more than 50% of the voting shares in Rexit, according to the filing. It said they intend to maintain the listing status of Rexit.

Rexit shares closed unchanged today at 92 sen, giving it a market capitalisation of RM174 million.