PPSC (HK) Ltd, a wholly-owned unit of Wah Seong Corp Bhd's PPSC Industrial Holdings Sdn Bhd, has bought a 53.13% stake in Kanssen (Yadong) Pipe-Coating Services Ltd, strengthening the PPSC group's position as the largest pipe-coating entity in Asia.
In a filing to Bursa Malaysia yesterday, Wah Seong said the acquisition of close to 1.5 million Kanssen shares by PPSC (HK) would cost in excess of HK$223mil and be substantially satisfied through internal funding.
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