KUALA LUMPUR (June 28): Betamek Bhd (KL:BETA) is set to diversify its customer base and expand its product offerings, following completion of its stake acquisition in tuner and car stereo maker Sanshin (Malaysia) Sdn Bhd on Friday, according to its executive director Muhammad Fauzi Abd Ghani. 

Sanshin, which is well-known for its expertise in manufacturing car audios and other electronic components catering to markets in Malaysia, Japan, Hong Kong and Thailand, is now a wholly owned subsidiary of Betamek. 

In April, Betamek proposed to acquire the entire stake in Sanshin for RM13.4 million, at a price-to-earnings multiple of 10 times, based on Sanshin’s audited profit after tax of RM1.3 million for the financial year ended Dec 31, 2022 (FY2022). 

“This move aligns with our strategic vision to lead and innovate within the automotive electronics industry, driving forward the evolution of automotive electronics amid a thriving market,” said Muhammad Fauzi in a statement.

Shares of Betamek increased one sen or 2.53% at 40.5 sen on Friday, giving the electronic manufacturing services provider a market capitalisation of RM182.25 million.