SINGAPORE - Jubilee Industries Holdings, an associate company of commodities firm WE Holdings, is buying 26 per cent of Malaysia's largest electronic manufacturing se

rvices player.

It will pay $8.4 million for the stake in EG Industries, the companies said in a joint statement on Sunday.

Jubilee Industries has also inked a memorandum of understanding to buy WE Holdings' electronic components unit, WE Components, for an undisclosed "mutually agreed sum".

EG Industries, which has an annual revenue of $313 million, provides electronic manufacturing services for electronics, electrical, telecommunications and automotive industrial products such as hard disk drives, bluetooth headsets and car navigators.

Acquiring its research and development and procurement capabilities, as well as WE Components' distribution and design expertise, will help Jubilee Industries transform into a "one-stop electronics solution provider" for customers, the company said.

"We see positive synergies from both acquisitions to accelerate our growth strategy," the company added.