Pasukhas Group Berhad (PGB) has secured into Conditional Sale and Purchase of Shares Agreement with five vendors for the acquisition of 1,650 issued and fully paid up PT Berkah Bumi Leluhur. 

Through its wholly-owned subsidiary Pasukhas Products Sdn Bhd (PPSB), the agreement  representing 60% equity of PT Berkah Bumi Leluhur (PT BBL) was for a total purchase consideration of Indonesian Rupiah (IDR) 3.3 billion or equivalent to approximately RM1.0 million.

The vendors are Akhmad Syaifullah, Kutut Jalu Prasojo, Joko Purnomo, Agus Triono and Mr.Masrani.

PT BBL was incorporated in Indonesia and is presently involved in the coal trading business. 

PGB executive director and chief executive officer Wan Thean Hoe said the acquisition of PT BBL will create opportunities for them to expand their coal trading business, which is synergistic with their concessionaire business. 

“We are also optimistic that this acquisition will contribute towards creating sustainable earnings for the company,” he added.

PPSB had paid an advance of IDR 1.5 billion, followed by the final payment of IDR 1.8 billion to complete the purchase of PT BBL from the vendors. 

Upon completion of the purchase, the proposed shareholding composition will comprise 60 per cent of issued shares owned by PPSB and 40 per cent of issued shares owned by the vendors and or their affiliates.

PGB is currently trading on the Ace Market of Bursa Malaysia Securities Berhad under the stock name PASUKGB and stock code 0177.

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