Pasukhas to acquire 60% of Indonesian coal trader

PETALING JAYA: Pasukhas Group Bhd’s wholly owned subsidiary Pasukhas Products Sdn Bhd is acquiring 60% equity interest in Indonesia-based coal trader PT Berkah Bumi Leluhur for 3.3 billion rupiah or RM1 million.
The group announced in a Bursa Malaysia filing, it entered into a conditional sale and purchase of shares agreement with Akhmad Syaifullah, Kutut Jalu Prasojo, Joko Purnomo, Agus Triono and Masrani for the acquisition.
Prior to a restructuring exercise, PT Berkah Bumi Leluhur was known as PT Berkah Bumi Luhur.
On Nov 22, 2017, Pasukhas announced that it signed a preliminary share sale and purchase agreement with the vendors, for the acquisition in PT Berkah Bumi Luhur.
“The acquisition of PT Berkah Bumi Leluhur will create opportunities for us to expand our coal trading business, which is synergistic with our concessionaire business. We are also optimistic that this acquisition will contribute towards creating sustainable earnings for the company,” the group’s executive director and CEO Wan Thean Hoe said in a statement.
Following the completion of the purchase, the proposed shareholding composition will comprise 60% of issued shares owned by Pasukhas while the remaining 40% will be owned by the vendors and/or their affiliates.
The acquisition will not have a material impact on the group’s earnings for the financial year ending Dec 31, 2018.
Pasukhas’ share price fell 3.33% to 14.5 sen with some 128,400 shares done. In the last one year the group’s share price has gained 10%.