KUALA LUMPUR (Jan 18): Energy storage and digital transformation enabler Techna-X Bhd is planning to take up a 51% stake in privately-held Netsec Sdn Bhd, an information communication technology (ICT) system security company, for the purpose of collaborating on projects and solutions involving cybersecurity and artificial intelligence (AI) integration opportunities. It did not disclose the price of the proposed stake purchase.

In a filing with Bursa Malaysia on Thursday, Techna-X said it has entered into a joint venture (JV) agreement with Netsec to subscribe for 51% equity interest in Netsec. Netsec is currently wholly owned by its managing director Azman Mohamad Azizi.

In a separate statement on Wednesday, Techna-X executive chairman Tengku Naquiyuddin Tuanku Jaáfar said the partnership provides a strategic alignment of its digital expertise with seasoned cyber security professionals.

“As Techna-X nears completion of our multifaceted corporate exercise, which will see Techna-X being recapitalised and strengthened, we are well-positioned to embark on this joint venture with Netsec, a distinguished leader in the cyber security industry.

“We are confident that this collaboration will mark a new era of innovation and leadership in technology, further empowering Malaysia and the region in the cyber security digital domain,” he said.

Azman said the collaboration with Techna-X is a pivotal step in reaching a wider market and leveraging their digital expertise and market presence. “With Netsec’s unique expertise and innovative products, this joint venture with Techna-X presents a strategic opportunity to capitalise on the burgeoning cyber security market. This JV is more than a partnership; it’s a fusion of strengths that positions us to make a substantial impact in the dynamic world of cyber security."

Techna-X pointed out that the cyber security landscape in Southeast Asia is estimated to reach US$4.49 billion by 2024.

At noon market break on Thursday, shares in Techna-X were unchanged at 1.5 sen, valuing the company at RM33.22 million. The stock has fallen 25% so far this year.