Kronologi Asia to Acquire Hong Kong-Based Quantum Storage

KUALA LUMPUR, Oct 10 (Bernama) – Enterprise data management (EDM) firm, Kronologi Asia Bhd (KAB), has proposed to acquire Quantum Storage (Hong Kong) Ltd (QHK) for RM45 million, to further cover its marketing, distribution and customer coverage footprint in the industry. Currently, KAB Group’s presence in the EDM industry covers the Southeast Asian region, which includes Singapore, Malaysia, Indonesia, the Philippines and Thailand as well as India. “KAB Group will be able to further expand its marketing, distribution and customer coverage footprint to an EDM regional market with growth opportunities, spurred by increasing internationalisation and technology adoption by the economies of greater China,” it said in a filing to Bursa Malaysia. QHK Group is principally involved in the EDM infrastructure technology business providing data storage, protection and archival solutions to enterprises. It is based in Hong Kong and Taiwan and supplies its products to customers in both countries as well as others. KAB intends to fund the acquisition via a combination of the issuance of up to 40,816,326 new ordinary shares in the company at an issue price of RM0.98 per share and cash payment of up to RM5 million. The company is not required to make any additional financial commitments to put the business of QHK Group on-stream as it is already in operation. -- BERNAMA