KUALA LUMPUR: Master Tec Group Bhd, a manufacturer of electricity cables, has completed its 1.04 million shares subscription in Sediacom Sdn Bhd for RM3.74 million.
This signifies a 51 per cent stake and was entirely financed using Master Tec's internally generated funds.
Master Tec chief executive officer Tee Kok Hwa said the acquisition is a significant step forward in the company's growth strategy, as it enhances the service offerings and creates a strong synergistic effect.
"With Sediacom's expertise integrated into our portfolio, we can now deliver more comprehensive infrastructure solutions and secure larger projects.
"Backed by Sediacom's healthy order book, we are well-positioned to expand our market share and drive sustainable growth in the power infrastructure sector.
"The board is confident that this strategic move will strengthen Master Tec's competitive edge and generate long-term value for our shareholders," he said in a statement.
Tee said the completion comes at a pivotal moment as 2025 Budget 2025 outlines substantial investment in energy infrastructure.
"We are optimistic that the initiatives outlined in the budget, including the significant investments in the national grid and renewable energy infrastructure, will act as catalysts for growth across various sectors, particularly power utilities," he added.
At the closing bell, Master Tec's share price closed at RM1.12, giving it a market capitalisation of RM1.14 billion.