Thursday, July 14, 2011

Dialog to acquire Indian firm for RM7.88m

KUALA LUMPUR:'' DIALOG GROUP BHD []'s unit has proposed to acquire a 51% stake in India's Anewa Engineering Private Ltd for RM7.88 million which would further provides access to new customers in various parts of the world namely in the Middle East and India.

It said on Thursday, July 14 Anewa is an outsourcing company that provides engineering design to customers, mainly multinational companies in India, Middle East and Southeast Asia in the oil, gas and petrochemical industry.

Under the exercise, its unit Dialog Systems (Asia) Pte Ltd will finance the purchase consideration from its own funds and/or borrowings.

'The proposed transaction is expected to be completed by end of August 2011,' it said.

Anewa has about 120 employees. Dialog said the proposed acquisition would strengthen its engineering capabilities by injecting a pool of skilled and experience manpower to support its rapidly growing business locally and globally.

'The proposed transaction is also in line with Dialog's strategy of focusing and growing its core businesses, penetrating new markets and investing in businesses with long term sustainable income,' it said.

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