Systech Bhd has received shareholder approval for several key initiatives, including an acquisition deal with Wilstech Sdn Bhd for RM20 million in cash and RM55 million in shares.
The acquisition aims to enhance Systech's offerings and expand its customer base. Additionally, shareholders approved a one-for-four bonus warrants issue and the issuance of up to 144.0 million new shares.
The proposals are expected to be completed by the first half of 2024, allowing Systech, an IT services firm, to strengthen its resources for delivering contracts, particularly in artificial intelligence and Internet of Things solutions.
Systech's shares remained unchanged today at 49.5 sen, while its market capitalisation stood at at RM1.18 billion.