TNB shares up slightly on news to acquire IT firm
11 Dec 2017 / 11:30 H.
PETALING JAYA: Tenaga Nasional Bhd's (TNB) share price rose slightly by 0.26% this morning, after it proposed to acquire the entire stake in Setia Haruman Sdn Bhd's wholly owned information technology (IT) firm SHTech for RM28 million.
At 10.52am, the stock stood at RM15.56 with 1.42 million shares changing hands. Its market capitalisation stood at RM87.9 billion.
TNB said it had on Dec 7 entered into a conditional sale and purchase agreement (SPA) in relation to the sale with township developer, Setia Haruman.
Following the completion of the proposed acquisition, SHTech will become a wholly-owned subsidiary of TNB, which will continue to carry out the IT firm's existing business.