K-One expands into Indonesia with 15% stake in GAP Indo

PETALING JAYA: K-One Technology Bhd is venturing into Indonesia via the subscription of a 15% equity interest in PT GAsia Pasific Indo (GAP Indo) for RM116,280 to promote cloud computing solutions in Indonesia.

Gap Indo was incorporated for the purpose of forging a joint venture cooperation between K-One’s 60% owned subsidiary G-AsiaPacific Sdn Bhd (GAP Malaysia) and Indonesian entrepreneur Ian Frederick who has a 50% stake and Andree Santoso who holds the remaining 35% stake.

According to K-One’s filing with the stock exchange, Indonesia is a potentially huge market for cloud computing spurred by the swift growth in internet users and appetite businesses to embrace digital transformation.

“With the vast potential of the cloud market in Asean, GAP Malaysia is prepared and has the ability to replicate its success in other countries, targeting its first foray out of Malaysia to be Indonesia,” it said.

The group said the joint venture is in line with its subsidiary’s business strategy to deliver business expansion both locally and in Asean.

The capital injection to subscribe shares in GAP Indo will be funded by GAP Malaysia via its internally generated funds.

source https://www.thesundaily.my/business/k-one-expands-into-indonesia-with-15-stake-in-gap-indo-GD1342954