Pasukhas Group inks MOU to acquire stake in Indonesian firm

PETALING JAYA: Pasukhas Group Bhd (PGB), which has been actively undertaking corporate exercises in the recent months, yesterday entered into another memorandum of understanding (MOU) for the proposed acquisition of a 61% stake in PT Indomuda Satria Internusa.
It told Bursa Malaysia, the proposed acquisition will enhance and further strengthen its involvement in the power investment business as well as the opportunities to expand its power investment business in Indonesia.
PT Indomuda provides construction, coal mining production and trading, power plant development, and offshore and onshore drilling services in the Asia Pacific region.
On May 31, PGB signed an MOU with PT CHD Power Plant Operation Indonesia to explore the feasibility of entering into a joint venture in the
Indonesian power industry. The MoU is effective up two years.
Last month, PGB also announced a joint venture with Yayasan Veteran ATM for a commercial development on a piece of land in Kuala Lumpur.
PGB shares were unchanged at 18 sen yesterday on some 13.79 million shares traded, giving it a market capitalisation of RM137.97 million.