KUALA LUMPUR (May 27): Japanese information technology and consulting company NTT Data Corp has bought a 58.73% stake in payment services firm GHL Systems Bhd (KL:GHLSYS) for RM724.08 million.

The acquisition price of RM1.08 per share represents a 6.9% premium to GHL's last traded price of RM1.01 on Monday. Under Malaysian takeover laws, NTT Data will be required to make a general offer to acquire all the remaining shares it does not already own.

NTT Data does not intend to maintain the listing status of GHL and will withdraw the company’s listing if it manages to get more than 90% of the shares, according to a statement. NTT Data will also not take measures to address any shortfall in the minimum public spread if it controls more than 75% of the shares.

Based on the total 1.14 billion shares issued, NTT Data will have to fork out another RM508.74 million to fully control GHL.

Shares of GHL have surged 45% so far this year, thanks to rising cashless transactions amid strong consumer spending and tourism at its key markets.

Apart from its home market of Malaysia, the company is also present in Philippines, Thailand, Indonesia, Singapore and Australia with over 480,000 payment touchpoints across the region. Last year, GHL made a net profit of RM28.81 million in the financial year ended Dec 31, 2023 on revenue of RM460.37 million.

NTT Data is a subsidiary of Nippon Telegraph and Telephone Corp, the Japanese telecommunications giant also known as NTT, and on Monday, it signed an agreement to buy a 38.58% stake in GHL from UK private equity firm Actis and another 10.04% from Apis Partners.

Actis invested in GHL since 2017 while Apis, another private equity firm based in London, has been a shareholder since 2018.

NTT Data also bought 4.77% in GHL from its current vice chairman Loh Wee Hian and 5.34% from Tobikiri Capital Ltd also controlled by Loh.