Petaling Jaya: Japan’s Mitsui & Co. has formed a strategic partnership with Ace Market-listed LGMS Bhd to expand and deepen the Malaysian company’s footprint across the Asia Pacific (Apac) region.
The partnership will be facilitated by Mitsui’s acquisition of shares from LGMS’ major shareholders.
In an announcement to the stock exchange, LGMS announced that it will acquire a further 23% stake from Executive Chairman Fong Choong Fook and Executive Director Goh Soon Sei to supplement the 2% stake previously held by Mitsui. You said you bought the stock.
The development will see Mitsui own a 25% stake in LGMS, and John Kogiku, general manager of Mitsui’s Digital Solutions Business Division, described it as a “win-win” situation for Mitsui and LGMS. and described it as a “strategic partnership to expand and deepen LGMS”. customer base across the region”.
This strategic partnership is expected to deliver world-class professional cybersecurity services across the Asia-Pacific region. The partnership will leverage the expertise of LGMS’ highly-skilled cybersecurity professionals and Mitsui’s extensive global network and cybersecurity industry experience.
“With digital technology driving business innovation in every industry, digital transformation (DX) has become a key factor in maintaining and enhancing the competitiveness of companies. DX cannot be achieved without IT. However, increased use of IT also leads to increased security risks,” says Kogiku.
“Companies need skilled cybersecurity professionals to protect their information systems and assets from cyber-attacks and other threats, but given the rapid rise in cybercrime, the world of qualified talent is on the wane. The shortage of human resources has become a social problem,” he added.
LGMS is a leading cyber security service provider in Malaysia where DX is rapidly advancing. Its customers include local and international corporations, top-tier banks, payment gateways and telecommunications companies. Internationally, LGMS’ customers include his Fortune 500 companies.
Mitsui & Co. has over 60 years of business experience in Malaysia. Mitsui Group has gas supply (Gas Malaysia Bhd), palm oil (Palm-Oreo Sdn Bhd), airport (KLIA satellite terminal), infrastructure (Rawang-Ipoh Electrification & Double Track Rail and Port Dickson power plant), automobile manufacturing (Perodua ), Healthcare (IHH Healthcare Bhd), Digital Economy (Axiata Digital Services Sdn Bhd) and Property Development (Sime Darby Property MIT Development Sdn Bhd).
