Transaction News: Mitsui Japan emerges as a substantial shareholder of LGMS Berhad

Mitsui & Co Ltd (“Mitsui”) of Japan announced that it had on 26 April 2023 acquired an additional 23 per cent stake in ACE Market listed LGMS Bhd (“LGMS”).  
The additional 23 per cent shareholding was acquired from the Executive Chairman Fong Choong Fook and Executive Director Goh Soon Sei of LGMS and supplements Mitsui’s existing two per cent stake in LGMS. This move brings Mitsui's total equity interest in LGMS to 25 per cent and results in its emergence as a substantial shareholder of LGMS.
LGMS is a provider of cybersecurity service in Malaysia. According to John Kenichi Kogiku, Mitsui’s General Manager of Digital Solution Business Division, the acquisition will result in a mutually beneficial strategic partnership between Mitsui and LGMS that will expand the latter’s presence in the Asia-Pacific region.
Skrine acted as the legal counsel to Mitsui in the transaction.
The lead transaction lawyers are Partner Sheba Gumis (Corporate M&A Practice Group) and Senior Associate Joey Tiw (Corporate M&A Practice Group), and they were assisted by Associate Faith Chan.

Announcements and media coverage of the transaction can be accessed at:
Mitsui Announcement dated 27 April 2023
LGMS Announcement dated 27 April 2023
Mitsui emerges as LGMS' substantial shareholder with 25% stake,, 27 April 2023.
LGMS to bank on Mitsui’s global network, The Star Online 27 April 2023.
Mitsui to expand LGMS' regional customer base after acquiring 25pc stake, New Straits Times, 27 April 2023.

This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact