Dagang Nexchange buying 51% stake in Genaxis for RM10 million

PETALING JAYA: Dagang Nexchange Bhd (DNeX) is buying a 51% stake in Genaxis Group Sdn Bhd for RM10 million to expand and strengthen its information technology and e-services business segment.
Genaxis is a consulting firm delivering training and consulting services in transformation activities.
DNeX told the stock exchange it has entered into a conditional share sale and purchase agreement and shareholders' agreement with Genaxis' owner Nuraslina Zainal Abidin for the proposed acquisition.
The proposed acquisition will be funded through bank borrowings and/or internally generated funds and is expected to be completed by the second quarter of 2018.
Upon completion of the transaction, DNeX will hold 51% stake in Genaxis, while Nuraslina will hold the remaining 49%.
Barring any unforeseen circumstances, the group said the agreement is expected to contribute positively to its future earnings and net assets.
DNeX's share price closed unchanged at 50 sen with 7.73 million shares traded.