Hitachi, Ltd. (NYSE:HIT)(TOKYO:6501) today announced that it has
initiated take-over offer proceedings in Malaysia, having decided
to acquire by take-over offer shares of eBworx Berhad (KLSE:EBWORX)
, a Malaysia-headquartered financial IT solutions company. The
share acquisition is subject to approval from regulatory
authorities.eBworx provides Internet and mobile banking systems,
credit management systems and other services in the Asian region,
mainly in Malaysia, Singapore, Indonesia, Thailand and China. It
has a proven track record, most notably with major banks in
Malaysia and Singapore. Through this take-over offer, Hitachi aims
to expand its system solutions business in Southeast Asia and
China, by gaining access to eBworx's extensive customer base,
widely used software products, and powerful development base,
including highly skilled human resources.
Hitachi is aiming to achieve further growth through global
development of its Social Innovation Business, which provides
social infrastructure underpinned by highly reliable and highly
efficient information and telecommunications technologies. As part
of this drive, Hitachi is forging ahead with various initiatives,
such as forming alliances with global partners and expanding new
businesses. In the Information & Telecommunication Systems
Business, which is central to the Social Innovation Business,
Hitachi is progressively expanding its business bases by
efficiently acquiring and utilizing business resources obtained
through mergers and acquisitions for further globalizing its
operations. In the fast-growing Asian region, Hitachi is supporting
the business development of Japanese companies in Asian markets and
also developing services for local companies.
Like China, the Southeast Asia region, which includes Malaysia,
Singapore, Thailand and Indonesia, is attracting attention as a
market that is expected to continue growing based on significant
economic growth. Japanese financial institutions are expected to
increase their investment and expand their bases in this region.
Local financial institutions, meanwhile, are expected to actively
expand business within Southeast Asia, which aims to become the
main international financial hub in Asia. They will also invest in
advanced IT systems for supporting enhanced customer services.
By acquiring eBworx with its extensive track record and
established reputation with leading banks in Southeast Asia and
China through the tender offer announced today, Hitachi will
acquire a business platform for providing comprehensive system
solutions to financial institutions. These solutions will include
the design, development, integration and maintenance of business
software. When providing services after acquiring eBworx, Hitachi
will also leverage the Hitachi Group's global network, centered
around Hitachi Consulting Corporation, which offers IT consulting
services globally, including in Asia. In this way, Hitachi aims to
expand its system solutions business further in Southeast Asia and
China by establishing a one-stop service framework targeting
Japanese and local financial institutions that are increasing their
investments in global operations, especially in Asia.
Moving forward, Hitachi will push ahead with initiatives to
strengthen business in the global marketplace, with the goal of
increasing overseas revenues in the Information &
Telecommunication Systems Business as a whole in the Hitachi Group
from approximately 390.0 billion yen in fiscal 2010 to 800.0
billion yen in fiscal 2015.
Overview of eBworx
Company name eBworx Berhad
[Listed on the Stock Exchange of Malaysia
(Ace Market) in November 2003]
Established May 1998 Headquarters Petaling Jaya Selangor, Malaysia
Business location Malaysia, Singapore, Thailand, Indonesia and
China Share capital 20,466,530 Malaysian ringgit (approximately
0.55 billion yen) (1)[as of December 31, 2011] Business eBworx is
focused in providing solutions in the financial services sector.
- Internet and mobile banking systems
- Credit management solutions
- Delivery channel solutions
- Trade finance systems, etc.
Representative CEO: Tan Suan Fong Recent
business performance
Revenue: 51,813 thousand Malaysian ringgit (approximately 1.40
billion yen) (1)[For the year ended December 2011, unaudited]
Website
http://www.ebworx.com
(1) Exchange rate (yen/Malaysian ringgit):
27.0
Overview of Take-over offer
Stock purchase method Voluntary take-over offer Offeror
Hitachi, Ltd. Offer price 0.90 Malaysian ringgit per share Issued
number of shares 193,229,100 (excluding treasury shares) Acceptance
condition 85% of total voting shares (excluding treasury shares)
Total amount
(100% acquisition)
173,906,190 Malaysian ringgit (approximately 4.70 billion yen) (1)
Offer period From April 26, 2012 to May 17, 2012 (Planned)
(2)
(2) The offer period may be subject to
extension or revision.
About Hitachi, Ltd.Hitachi, Ltd., (NYSE:HIT)(TOKYO:6501),
headquartered in Tokyo, Japan, is a leading global electronics
company with approximately 360,000 employees worldwide. Fiscal 2010
(ended March 31, 2011) consolidated revenues totaled 9,315 billion
yen ($112.2 billion). Hitachi will focus more than ever on the
Social Innovation Business, which includes information and
telecommunication systems, power systems, environmental, industrial
and transportation systems, and social and urban systems, as well
as the sophisticated materials and key devices that support them.
For more information on Hitachi, please visit the company's website
at http://www.hitachi.com.
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