Nasdaq-listed BUUU Group, a Hong Kong-based events and stage-production company, will buy a 60 percent stake in Malaysia-based Brightray Science, a maker of prefabricated modular data centers, and will relocate its headquarters to Singapore.
The relocation is part of its pivots into AI infrastructure, BUUU said in a filing with the United States Securities and Exchange Commission (SEC) dated September 3. BUUU did not disclose an overall cash value for the deal.
The deal is subject to closing conditions and regulatory approvals.
The purchase would make data-center delivery BUUU’s core business, a shift from its current events operations, the company said. The move to Singapore would place it closer to regional customers, talents, and capital markets, BUUU highlighted.
Brightray, founded by Bin Wang and previously backed by Tencent-affiliated investors, will become a subsidiary. Wang will join BUUU as executive director and co-chief executive.
Separately, BUUU said private placements, together with the potential exercise of outstanding warrants, can raise more than $60 million for capacity expansion and working capital, subject to closing conditions.
Brightray builds most of a data center in a factory before assembling it on site. Its flagship campus at Sedenak Tech Park in Johor, Malaysia, runs 70 MW for internet and cloud customers, with a further 50 NW planned, the company said.
BUUU targets 1 GW of deliveries over three fiscal years. That of Brightray’s pipeline can reach roughly 2 GW, or about $9 billion in potential contract value, across Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, and the United States.