Gets Global to acquire Putrajaya public transport service provider

PETALING JAYA: Gets Global Bhd proposes to buy a public transport service provider in Putrajaya.
The group told Bursa Malaysia that its wholly owned subsidiary Konsortium Bas Ekspres Semenanjung (M) Sdn Bhd had entered into a memorandum of understanding with Putrajaya Leisures & Services Group Sdn Bhd (PULSE), with the intention to enter into mutual discussions relating to the proposed acquisition of a 79.99% stake in Pengangkutan Awam Putrajaya Travel & Tours Sdn Bhd (PAPIT) for RM1.00.
PAPIT has over 170 buses and its services include Putrajaya city bus services for internal and external routes, bus rental and bus leasing. It also manages the Putrajaya Sentral Terminal, Putrajaya park & ride and carparks in various locations in Putrajaya.
PAPTT is currently jointly owned by Perbadanan Putrajaya and PULSE Group with a total share capital of RM300,000.
The MOU is valid for a period of three months from the date of the MOU, and may be further extended by mutual agreement by both parties.
Gets Global said the MOU will provide the group with an opportunity to venture into city bus services which is a new sustainable business to complement the its existing business activities of express bus services, new bus sales and repair & maintenance services.
At the noon break, the stock was unchanged at 21.5 sen, with some 10,000 shares changing hands.