APB prepares to buy 10.41% stake in Globetronics Technology
Malaysian energy firm APB is targeting the semiconductor space by purchasing a significant share of its compatriot company Globetronics.
APB wants to buy 70 million shares in its target, which represents a 10.41% stake. The group says the proposed acquisition will make APB the second largest shareholder in Globetronics and give it better access to the semiconductor manufacturing market. APB is currently involved in the fabrication of process equipment for the oleo-chemical, oil and gas, energy and petrochemical industries.
Globetronics is a publicly listed manufacturing company with eight subsidiaries. Its product offerings include semiconductors, LED, encoders and sensors, quartz timing devices, IT solutions and more. Like APB, it also believes it can move into new areas thanks to this transaction.
“We are focused on strengthening our existing business platform while strategically diversifying our customer base to exciting new growth areas such as automotive, medical and power devices in delivering healthy growth and consistent performance with our new strategic partner,” said Globetronics in a statement.
