Pasukhas Group Bhd, through its wholly-owned subsidiary Pasukhas Energy Sdn Bhd (PESB) had submitted an Approval Letter (AL) with PT. Bangun Daya Perkasa (PT BDP), expressing interest in acquiring a 92.50% stake of PT BDP’s shares in PT Tenaga Listrik Gorontala (PT TLG), a subsidiary company of PT BDP.
PT TLG is principally involved in mining and power supply generation. Currently, PT TLG is also running a coal fired power plant in Sulawesi Utara, Gurontalo City, Indonesia. (Proposed Acquisition)
Executive Director cum Chief Executive Officer Wan Thean Hoe expressed: “We had, in May, entered into a Memorandum of Understanding (“MoU”) with PT. CHD Power Plant Operation Indonesia (“PT. CHD”) to establish the basis for further discussion in exploring the feasibility of entering into a Joint Venture (“JV”) to undertake the development/ explore potential business opportunities in power generation project(s) in the Indonesian Market. Following that, we are moving forward with a possible acquisition of a company to run the power plant business in Sulawesi Utara.”
“The current capacity of the power plant is at 2 x 12.5 Megawatt (“MW”). Upon approval, PT TLG will allow us to potentially expand the plant’s capacity to supply 2 x 50 MW. We will proceed with financial and legal due diligence at this point which targets to complete within 3 months. The objective here is to build strong and sustainable future earnings for the company. Upon successful acquisition of PT TLG, PGB will be positioned as one of the regional power concessionaire player.”
PGB is currently trading on the Ace Market of Bursa Malaysia Securities Berhad under the stock name PASUKGB and stock code 0177.