Earlier this month, Tenaga Nasional Berhad (TNB) has announced that it will be acquiring Setia Haruman Technology (SHTech) which is the subsidiary of Setia Haruman, the master developer of Cyberjaya. If the name didn’t ring able, you might heard of SHTech before as the ISP that offers 1Gbps consumer plan in Cyberjaya.
According to the document that TNB has provided to Bursa Malaysia, the national power company will be paying RM 28 million to acquire SHTech from its previous owner. The deal is expected to be completed by the first quarter of 2018 and will turn SHTech into a wholly-owned subsidiary of TNB.
It might seemed rather odd that a power company has decided to purchase an area-limited ISP but according to the document, the acquisition is meant to help TNB pursue potential growth in complementary services. In the case of SHTech, among such services include Smart Meters, Smart Homes, Smart Building, Smart Industries, and Smart Cities.
Since SHTech operates in Cyberjaya which is already on its way to turning itself into Smart City, the purchase seems rather justify. In a bigger picture though, we wonder if the acquisition would help strengthening TNB’s position as the possible Tier-1 fiber provider for the Nationwide Fiberization Plan 2017-2019.
(Source: TNB – pdf, Bursa Malaysia)
Follow us on Instagram, Facebook, Twitter or Telegram for more updates and breaking news.
