PETALING JAYA, 12 August 2022 – Main Market-listed Pertama Digital Berhad (“Pertama Digital” or “Group”) is set to become a pure-play digital services player, after it successfully finalised its exit from the textile business.
Today, Pertama Digital concluded its Extraordinary General Meeting (“EGM”) for the completion of its disposal exercise for the entire equity interest in its China-based textile subsidiary, BeTop, to Gifted Investments Limited for a total consideration of RM70 million. 99% of votes were received in support of the asset sale. The virtual meeting was attended by shareholders and their representatives as well as board members of Pertama Digital and was chaired by its Independent Non-Executive Chairman, Tun Dato’ Seri Zaki bin Tun Azmi.
“With the disposal underway, we will also be reclassifying Pertama Digital from a textile-based company to that of a digital and Syariah-compliant business. Our digital solutions offered so far have been received extremely well and show bright growth prospects. We developed and operate eJamin, the world's first smartphone court bail payment solution, that is now used in Malaysian courts.”
“We also exclusively operate mySMS 15888, an existing messaging service used by government agencies. On top of that, we also own mobile payments app MyPay,” according to Tun Dato’ Seri Zaki.
Saify Akhtar, Director of Strategy, added, "With the disposal of this legacy business, Pertama Digital will now be free to efficiently deliver on its innovative strategy to transform how government agencies and enterprises approach digitalisation in this rapidly expanding sector, not just in Malaysia, but in other emerging markets like Indonesia, Bangladesh and Nigeria. Furthermore, as a Malaysian-born company, our stakeholders and leadership will now have a local majority. The company will continue to deliver swift, lean, and useful digital solutions and services on a pay-for-performance revenue model in close partnerships with government and enterprise."
In addition to the array of digital solutions already offered currently, Pertama Digital is in the process of launching Malaysia’s first “neobank” in partnership with incumbent banks. Unlike digital banks, neobanks do not require a banking licence as they can tap on banking licences from their incumbent banking partners. The Group will also actively pursue acquisition targets in the government technology sector.
To date, the disposal of BeTop has progressed up to tranche 2, which was completed on 16 July 2021. On 21 September 2020, the first cash payment of RM12 million was received from GIL, followed by, second cash payment of RM18.515 million on 16 July 2021. Currently, Pertama Digital owns a stake of 52% in BeTop, following the tranche 2 deal.
