Pecca buys 80% stake in Indonesian GMK

KUALA LUMPUR: Pecca Group Bhd has proposed to acquire 80% equity interest in PT Gemilang Maju Kencana (GMK) for a total purchase consideration of 6.4 billion rupiah (RM1.87mil).

The automotive leather upholstery maker said its wholly owned subsidiary Pecca Leather Sdn Bhd (PLSB) had entered into a shares transfer agreement with various parties for the acquisition.