KUALA LUMPUR: Datasonic Group Bhd has proposed a transformation plan to emerge as a leader in physical and digital identity markets with an AI-based and digital-centric identity management ecosystem.
To support the plan, Datasonic will raise up to RM554.95 million through the bonus issue of up to 1.55 billion warrant.
This is on the basis of one warrant for every two shares held by shareholders.
Datasonic said it intends to broaden the market presence, increase its portfolio of products and services, and accelerate its internal research and development activities.
"By leveraging next-generation technologies such as AI, we are positioning ourselves to play a key role in national digital transformation initiatives such as MyDigital ID," said Datasonic executive deputy chairman and chief executive officer Datuk Hanifah Noordin.
He added that the planned transformation will leverage Datasonic's operating record and expanding range of capabilities to significantly improve its growth prospects.
The first step taken by the group to initiate its transformation plan is to buy a 51 per cent stake in Innov8tif Holdings Sdn Bhd for RM40 million.
The planned acquisition will enable the group to have immediate access and penetration of new markets in banking, telecommunications and credit reporting.
As part of the proposed transformation plan, Datasonic also redesignated independent non-executive director Datuk Puvanesan Subenthiran as executive director with immediate effect.
Puvanesan is the group chief executive officer and co-founder of Privasia Technology Bhd, an information technology company listed on Bursa Malaysia.
Datasonic has also proposed that the company's name be changed to NexG Bhd.
As at 3.15pm, Datasonic's share price stood unchanged at 43 sen with a market value of RM1.28 billion.