Posted by Jimmy Song > 2013-10-09 19:32 | Report Abuse

CENSOF GETS SC’S NOD FOR TIME DEAL Acquisition of 45.03% in Time Engineering Berhad PETALING JAYA, 9 October 2013 – Censof Holdings Berhad (‘Censof’ or the ‘Group’) a brand synonymous with innovative and dependable solutions for both the government and corporate sectors across a myriad of industries, today announced that it has received confirmation from the Securities Commission Malaysia (“SC”) of its concurrence that the proposed acquisition of 45.03% equity interest in TIME Engineering Berhad (“TEB”) (“the Acquisition”) and the subsequent mandatory general offer for the remaining shares in TEB (“MGO”) by Censof would not result in a significant change in the business direction or policy of Censof, and therefore are not subject to SC’s approval under Section 214(1) of the Capital Markets and Services Act, 2007 (“CMSA”). Prior to this, Censof received approval from Bursa Malaysia Securities Berhad (“Bursa Malaysia”) to waive from complying with the requirement to obtain the approval of its shareholders subject to the condition that it will procure shareholders’ ratification for the AcquIsition and the MGO within two months from the date of completion of the Acquisition. In light of these developments, the conditional share sale and purchase agreement dated 12th September 2013 in relation to the Acquisition has become unconditional resulting in Censof being deemed to have beneficial interest over the 349,112,731 ordinary shares of RM0.20 each in TEB. Khazanah Nasional Berhad (“Khazanah”) first announced its intention to divest its entire 45.03% equity interest in TEB on 19th December 2012 as part of its continuing effort to assist the Government in promoting entrepreneurship and raising Bumiputera equity participation in the Malaysian corporate sector. The selection process involved three stages and Censof succesfully won the bid and sealed the deal last month to acquire the 349 million equity shares at a price of RM0.20 each, resulting in a total consideration of nearly RM70 million. This acquisition will result synergies that will enable both Censof and TEB to strengthen their value proposition, capitalise on an enlarged customer base, and at the same time delivering a more comprehensive product offering, therefore enhancing shareholder’s value in the long run. About Censof Holdings Bhd Incorporated in 1997 as a specialist for financial management solutions, Censof is today at the forefront of the industry in Malaysia and the global business arena. Together with our sister companies, the Censof Group of Companies has established presence in Malaysia, Indonesia and the United States, with financial management solutions, e-payment gateway services, and investment/asset management solutions. Our primary business operations include system design, development geared towards its implementation in installation, maintenance, and support; certified by the ISO 9001:2008 standards, established by a Bureau Veritas Certification. In January 2011, the Group was listed on the Main Market of Bursa Malaysia. In 2011, Censof successfully acquired a 60% stake in PT. Praisindo Teknologi and one year after, the Group acquired a 80% of stake in Knowledgecom Corporation Sdn. Bhd. In Year 2013, the Group announced a First and Final Single Tier Dividend of 1.0 sen per ordinary Share for the Financial Year Ended 31 December 2012. At the same time, Censof signed a MoU with Estemarat Services from UAE to pursue business potential in United Arab Emirates, Middle East and Africa. For more information, please visit www.censof.com.my