PETALING JAYA: Singaporean telecommunications provider M1 Ltd is acquiring up to a 70% stake in Glocomp Systems (M) Sdn Bhd, as well as its affiliated companies Global Computing Solutions Sdn Bhd (GCS) and GCIS Sdn Bhd.

       M1 will acquire all three Malaysia-based digital solutions firms for RM111mil via its wholly-owned Malaysian subsidiary AsiaPac Technology (M) Sdn Bhd.

       The remaining 30% stake will continue to be held by its founders, the two companies said in a joint statement. GCS and GCIS will be restructured as wholly-owned subsidiaries of Glocomp.

       M1 said the investment in the company marked M1’s continued expansion of its cloud and managed services business in Malaysia, following the acquisition of AsiaPac in 2018. ― Bernama