Genting Dips Toe in Digital Banking Bid Through 13% Stake In Acquisition in PUCSeptember 8, 2021
Following rumours that Genting Group would be bidding for a digital banking licensee, the group has inked a deal through GPVF Sdn Bhd to snap up a 13% stake for RM20.3 million in the publicly listed e-commerce platform PUC Berhad.
GPVF is a wholly-owned unit of Kenyalang Borneo which is owned by Genting Plantations, the plantation arm of the Genting group.
Additionally, Matrix Edge Venture Sdn Bhd (MEV) will hold a 10% stake at RM15.6 million while KH Lim Capital Sdn Bhd (KHLC) will buy up 7% of the shares for RM10.9 million which brings PUC’s fundraise to a total of RM46.8 million.
PUC will be using the funds to upgrade and market the Presto digital platform, formerly known as 11street. The firm also intends to use the proceeds as working capital within the next two years.
The company had previously confirmed that the Sabah and Sarawak state governments along with an unnamed conglomerate will be joining its consortium in the bid for a digital banking license from Bank Negara Malaysia (BNM).
Fintech News Malaysia had included Genting Group in our comprehensive list of digital banking contenders in Malaysia but details were sparse as they had refused to comment at that time.
This move will likely see the group joining PUC’s consortium to secure one of the five digital bank licenses that will be granted by BNM next year.
Featured image: Cheong Chia Chou, CEO of PUC