KUALA LUMPUR: Pasukhas Group Bhd
is eyeing a 92.5& stake in Jakarta-based independent power producer PT Tenaga Listrik Gorontalo (PT TLG).
Pasukhas, which provides civil engineering and construction services, told Bursa Malaysia that its wholly-owned subsidiary Pasukhas Energy Sdn Bhd (PESB) had entered into an “approval letter” with the vendor, PT Bangun Daya Perkasa (PT BDP), expressing its interest to acquire the shares.
PT TLG currently operates a 2 x 12.5MW coal fired power plant in Sulawesi Utara, Gurontalo City.
Pasukhas, however, did not disclose how much it offered for the stake.
The Ace market-listed group only recently diversified its businesses to include energy utilities services and power generation.
It obtained shareholders’ nod for the diversification at an EGM in December last year, where they also gave the green-light for its RM14.3mil acquisition of IS Energy Sdn Bhd (ISE). ISE has a 21-year concession from the Sustainable Energy Development Authority to operate a 3.2MW hydro power plant in Sungai Rek, Kelantan, starting from November 2012.
Subsequently, on May 30 this year, PESB inked a memorandum of understanding (MoU) with state-owned China Huadian Corp’s subsidiary PT CHD Power Plant Operation Indonesia to explore the feasibility of having a joint venture in power generation in Indonesia.
In a press statement on Wednesday, Pasukhas executive director/chief executive officer Wan Thean Hoe said following the MoU, the company was moving forward with a possible acquisition of a company to run a power plant business in North Sulawesi.
“Once approved, PT Tenaga Listrik would allow the Pasukhas group to potentially expand the plant’s capacity to supply 2 x 50MW,” he said.
Wan said the group would proceed with financial and legal due diligence, expected to be completed within three months.
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