SGX-listed StarHub’s unit buys Malaysian IT firm Strateq; Navis Capital exits

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Private equity firm Navis Capital Partners has sold its entire stake in Malaysian IT firm Strateq to a unit of Singapore-listed telecommunications company StarHub.

StarHub announced the acquisition of the entire share capital of Strateq in a regulatory filing on the Singapore Exchange.

Financial terms of the deal remain undisclosed. AVCJ reported that Navis sold its interest in Strateq to a StarHub subsidiary for RM137 million ($32.5 million).

Navis and Strateq have yet to respond to DealStreetAsia’s query at press time.

Following deal completion, Strateq will become an indirect subsidiary of Starhub. 

Per the share sale agreement, Taman Kenyir Holdings Sdn. Bhd, an indirect subsidiary of StarHub, acquired an aggregate of 27.96 million ordinary shares and 7 million redeemable preference shares of Strateq. The deal represents approximately 88.28 per cent of all issued ordinary shares and 100 per cent of all the issued preference shares.

The deal will also involve the proposed transfer by Tan Seng Kit and acquisition by Taman Kenyir Holdings, of the remaining 11.72 per cent stake of Strateq.

Navis Capital invested in Strateq in 2013 by acquiring 54.8 per cent stake in the IT company from Kencana Capital Assets.

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.