PETALING JAYA: Censof Holdings Bhd will go all out to add value to newly-acquired Time Engineering Bhd by leveraging on and synergising each other’s strengths so that both can grow organically.
In September, Censof bought Khazanah Nasional Bhd’s entire 45.03 per cent stake in Time Engineering at RM0.20 per share for RM69.82 million cash as part of Censof’s efforts to assist the government in promoting entrepreneurship and raising Bumiputera equity participation in the corporate sector.
Censof group managing director Datuk Samsul Husin said the company believes the acquisition will benefit Censof and Time Engineering shareholders and it will now focus on growing the company in 2014 and beyond.
“Censof will add synergies in Time Engineering that will enable both companies to strengthen their value proposition, capitalise on an enlarged customer base and, at the same time, deliver a more comprehensive product offering and enhance shareholders’ value in the long run.
“We will also make announcements on board changes at Time Engineering soon. For next year, both Censof and Time will focus on growing the company organically,” he said yesterday after an extraordinary general meeting.
Censof and Time Engineering are in the ICT (information and communications technology) solution business, of which the latter’s main business is providing solutions for e-commerce, cyber security and integrated intelligent infrastructure, while Censof is a specialist in financial management solutions like software and related services.