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KUALA LUMPUR: Revenue Group Bhd is expanding its reach into the insurance sector via the purchase of a 25% stake in VSure Tech Sdn Bhd (VTSB) for RM12mil cash consideration.
In a statement on Monday, Revenue said its unit Revenue Harvest Sdn Bhd (RHSB) was buying a 2.5% stake in VTSB for RM1.20m from 14 vendors and 23% of the enlarged VTSB for RM10.80mil.
Upon completion of the proposed transactions, VTSB will become a 25% associate company of RHSB and indirect 25% associate company of Revenue.
VTSB operates a digitalised insurance platform and also provides management and consultancy services over the Internet and insurance technology (insurtech).
Revenue said the proposed transactions would enable it to take a stake in VTSB and enable it to further expand and develop a more robust business-to-business-to-consumer (B2B2C) environment.
This will be via the provision of innovative products and services to Revenue’s customers, such as on-demand insurance, catering to the special needs of individual and businesses, which will then further complement Revenue’s core business, i.e. electronic transaction processing.
The total consideration of RM12mil was after taking into account of the audited loss after taxation (LAT) of VTSB for the 12 months period for the financial year ended May 31, 2020 of RM206,134; and the unaudited LAT for the 10 months period until March 31, 2021 of RM237,881.
It also included the vendors guarantee of two years combined projected earnings before interest and taxation of RM3.70mil for financial year ending May 31, 2022 and FY23 and the future prospects of VTSB in the enlarged Revenue.