Japan's KDDI Corp. (9433.TO)is subscribing to S$180 million (US$126.5 million) worth of new shares in DMX Technologies Group Ltd. (5CH.SG), in a deal that will make it the majority shareholder in the Singapore-listed firm, a person familiar with the situation said Thursday.

KDDI will buy nearly 600 million new shares in DMX at S0.32 each, allowing it to own more than 50% in DMX, the person said.

HSBC Holdings PLC (HBC) advised DMX on the deal, while Mizuho Bank of Mizuho Financial Group Inc. (8411.TO) acted on behalf of KDDI, the person said.

DMX said in a statement Thursday it will hold a press conference at 0630 GMT to announce a "strategic corporate development," but didn't specify.

-By Amy Or, Dow Jones Newswires; 852-2832 2335; amy.or@dowjones.com