K-One to sell cloud unit to Itochu for RM94M, banking RM47.6M gain
What's the deal? Malaysia's K-One Technology Bhd has proposed to sell its entire stake in cloud solutions subsidiary G-AsiaPacific Sdn BhdDealroom has a profile for this one. Try Dealroom → (GAP) to Japan's Itochu CorporationDealroom has a profile for this one. Try Dealroom → and its Singapore unit for RM94 million in cash. Under the deal, Itochu Singapore takes a 60% stake for RM56.4 million, while Itochu Corporation buys the remaining 40% for RM37.6 million.
How it's structured: Wholly owned subsidiary K2 Meta Sdn Bhd will sell all one million ordinary shares in GAP. The cash consideration is subject to adjustments tied to permitted dividends and agreed leakages under the share sale agreement signed on August 4, 2026.
The numbers: K-One acquired GAP in June 2020 for about RM37.66 million and expects to book a gain on investment of roughly RM47.6 million — a substantial premium over its original cost. The company called the transaction a "significant value realisation" from its investment.
What changes? On completion, GAP will cease to be an indirect wholly owned subsidiary of K-One. K-One plans to distribute about RM75 million of the proceeds to shareholders as dividends, with the balance funding working capital for its continuing businesses.
The signal: The exit marks a clean return for K-One on a five-year cloud bet and hands Itochu direct ownership of a regional cloud services provider — a sign of continued Japanese corporate appetite for Southeast Asian tech assets.
Read more: BusinessToday
Image credit: Christoph Scholz
