Tuesday, 14 February 2012

Inovisi acquires 10% stake in Nextnation

Nextnation Communication Bhd's Indonesian outsourcing customer, PT Inovisi Infracom Tbk, has acquired a 10 per cent stake in the company.

In a statement today, Nextnation said the private placement by Inovisi would allow it to secure a portion of the capital expenditure fund of US$5 million it required to take on the project it recently secured from the Indonesian conglomerate.

Nextnation group chief executive officer, Larry Tey, said the stake showed a strong vote of confidence from Inovisi in the company.

"There is a possibility of Inovisi increasing its stake to 30 per cent in the future," he said.

Tey said Nextnation recently won an outsourcing project to provide mobile platform infrastructure hosting and maintenance services to Inovisi.

"This project will provide Nextnation with a minimum guaranteed revenue of approximately RM67.5 million over three years.

"The company expects to generate a 31 per cent profit margin, or approximately RM21 million, over the same period," he said. Nextnation is listed on Ace Market on Bursa Malaysia.

Inovisi is an infrastructure investment holding company listed on the Indonesia Stock Exchange. -- Bernama

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