KLSE main board listed Wah Seong Corp Bhd (WSC) will further expand its business opportunities in the pipe coating oil and gas related areas when it becomes a consortium member of the Partnership for Equitable Growth (PEG).
The membership includes WSC's related companies, PPSC Industrial Holdings Sdn Bhd (PPSC IH) and PPSC Industries Sdn Bhd (PPSC) – collectively known as the Wah Seong Corp Group in PEG.
The membership fee of US$50,000 will be financed from each party's internally generated funds in the proportion of 30% (WSC), 35% (PPSC IH) and 35% (PPSC) in return for a 7.25% equity stake in PEG to be divided respectively in accordance to the ratio.
WSC managing director and group chief executive officer Chan Cheu Leong said: “Our admission into PEG will positively contribute to and be synergistic with the existing core businesses of WSC, PPSC IH And PPSC.
“At the same time, PEG would also benefit from WSC Group's participation in the development of various infrastructure and pipeline projects in view of WSC's experience in the oil and gas pipeline infrastructure industry.”
In PEG, Chan had been nominated as a working director and Giancarlo Maccagno, CEO of PPSC as an alternate director.
PEG is a non-profit organisation formed by international business people from the APEC Business Advisory Council (ABAC), the business voice of the Asia Pacific Economic Cooperation (APEC), to undertake economic and technical cooperation amongst APEC economies.
Currently, there are five subscribing PEG country members, namely Brunei, Hong Kong, Malaysia, South Korea and Taiwan.
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