Pecca to buy 80% stake in PT Gemilang Maju Kencana

KUALA LUMPUR: Pecca Group Bhd's wholly-owned subsidiary, Pecca Leather Sdn Bhd, has entered into a memorandum of understanding (MOU) with various parties to buy an 80 per cent stake in PT Gemilang Maju Kencana.

The parties include PT Multi Berjaya Asindo, CSC Automotive Sdn Bhd, Tan Kim Cheang, Neo Hwee Leong and Herny Pramana.

In a filing with Bursa Malaysia today, the group said the MOU would also involved an injection of additional capital by the shareholders on completion of the proposed acquisition.

The MOU is intended to enable Pecca and its subsidiaries to enlarge its presence in the automotive industry by entering the Indonesia market, one of the biggest auto markets in Southeast Asia.