Ninetology optimistic of buying Ingenuity by Sept

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NINETOLOGY Marketing Sdn Bhd says it is optimistic of taking over ACE Market-listed Ingenuity Solutions Bhd in a cash deal worth RM360 million by September.

Chief executive and managing director, Sean Ng said Ninetology has secured “enough” financing from foreign investors for the acquisition, and to expand its business over the next five to ten years.

It is understood Ninetology has strong backing from cash-rich investors in China and Singapore.

Ninetology, incorporated in March this year, is a mobile device technology firm led by Ng and chief operations officer, Marco Beh, both formerly from Singapore’s Spice-CSL Pte Ltd, which makes and sells mobile handsets and accessories.

The company is offering to buy 39.44 per cent stake or 214.3 million shares from major shareholder Chin Boon Long, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd at 55 sen per share.

The offer stands for 14 days starting from Wednesday and will only be executed on the premise that all and not one or some of the above named persons accept the offer unconditionally. If the deal goes through, it would trigger a mandatory general offer to acquire all the remaining shares it does not already own in Ingenuity.

Ng said Ninetology intends to control 100 per cent of Ingenuity and maintained that the final offer for the company was 55 sen per share.

Year-to-date, Ingenuity’s share price has increased from 6 sen to peak at 46.5 sen on August 23. The stock fell 2.5 sen yesterday to close at 37 sen.

“This is not a hostile takeover but a friendly approach. We are serious about buying Ingenuity and taking it private. We don’t want a listed vehicle. We want value. We want control of Ingenuity,” Ng said yesterday, at a media briefing.

Ingenuity is involved in business software solutions; system integration and services; IT hardware and software distribution and services; and telecommunication products and distribution services

Ng said Ninetology, whose brand is currently only present here, intends to ride on the value created by Ingenuity to bid for projects regionally and to become a leading mobile internet provider in Asia.

Ninetology has so far launched three smart phones here and it will be introducing new models in the affordable range from next month.

Over the next two years, it plans to penetrate Singapore, Indonesia, Cambodia, the Philippines, Thailand and Vietnam, Ng said.

Business Times : nation

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