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KUALA LUMPUR: Tenaga Nasional Bhd has completed the acquisition of the entire stake in Setia Haruman Sdn Bhd’s wholly owned information technology (IT) firm, SHTech for RM28 million.

The proposed acquisition was completed today in accordance with the terms and conditions of the conditional sale and purchase agreement, the utility company said in a filing to Bursa Malaysia.

SHTech is expected to continue the IT firm’s existing business.

In a statement, TNB said the acquisition was funded through its internally generated funds.

“This acquisition is in line with the Reimagining TNB strategic initiative, which was introduced to empower TNB to pursue further growth in complementary and strategic service offerings.

“TNB plans to venture into various services such as Smart Meters, Smart Homes, Smart Building, Smart Industries, and Smart Cities,” it said.

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