UK-based Apis Partners has, through its Apis Growth Fund I, invested $21.2 million in Bursa Malaysia-listed payments system provider GHL Systems Bhd.
In an announcement, Apis Partners said the funds will be used to drive GHL’s growth across the ASEAN region and will be made by way of 65 million newly issued shares subscription at the price of RM1.30 per share.
The $287-million Apis Growth Fund I hit a final close in March last year. The PE firm supports growth-stage financial services and allied infrastructure businesses in Africa and Asia.
Private equity firm Actis had, last May, bought a 44.37 per cent stake in GHL for $67.25 million from previous investor Creador and GHL executive vice-chairman Simon Loh, whose holding post the transaction stood at 19.1 per cent.
“We see tremendous opportunity in the ASEAN payments sector… The investment in GHL is supported by positive secular industry trends, such as strong growth in the issued card base, regulatory and consumer adoption of electronic payments, and a broadening of the product suite provided to merchants through point-of-sale terminals,” said Apis co-founder and managing partner Matteo Stefanel.
GHL provides services covering physical, internet and mobile payments.
The company has, via its unit S Capital Sdn Bhd, also proposed to acquire payment solution company Paysys Communications Sdn Bhd for RM80 million ($20.14 million) to solidify GHL’s presence in Malaysia. The acquisition is expected to complete this quarter.
GHL manages more than 180,000 acceptance points with key operations in Malaysia, the Philippines, Thailand and Australia.