KUALA LUMPUR (Nov 10): Business application solutions provider Rexit Bhd has proposed to acquire the remaining 51% equity interest in eINSURANS gateway provider Reward-Link.com Sdn Bhd, for a cash consideration of RM3.5 million.

Rexit said today that it has entered into a sale and purchase agreement with Karuna Capital Sdn Bhd, for the purchase of 2.55 million shares or 51% stake in Reward-Link. Rexit is the owner of 2.45 million shares or 49% in Reward-Link.

Post-acquisition, Reward-Link will be a wholly-owned subsidiary of Rexit.

“The board is of the view that the proposed acquisition represents a good opportunity for Rexit to further explore its potential business opportunities into a business which is synergistic to the existing business of the Rexit group.

“The proposed acquisition is in line with the intention of the company to further expand its e-Cover motor business via Reward-Link’s connectivity to JPJ (Road Transport Department), as well as enabling Rexit to leverage on Reward-Link’s existing customers,” said Rexit.

The group expects the acquisition to contribute positively to its future earnings.

Rexit closed unchanged at 36 sen, with a market capitalization of RM65.27 million.