KUALA LUMPUR: Automotive upholstery supplier Pecca Group Bhd has completed the acquisition of an 80% stake in PT Gemilang Maju Kencana (GMK).
The automotive upholstery supplier said GMK is a company associated with Indonesia’s PT. Multi Pratama Interbuana Group (MPI), Pecca said in a filing with Bursa Malaysia.
GMK’s principal business activity is the supply of upholstery leather wrapping and seat cover for the automotive industry in Indonesia.
On March 10, 23, Pecca announced that its wholly-owned subsidiary Pecca Leather Sdn Bhd (PLSB) had signed shares transfer agreements with PT Multi Berjaya Asindo, CSC Automotive Sdn Bhd and Tan Kim Cheang, for the acquisition of 80% equity interest in GMK.
The acquisition, which was subject to the fulfilment of regulatory conditions, is now deemed complete following approval from the Minister of Law and Human Rights of Indonesia on the transfer of rights of the shares to PLSB.
“Completing this acquisition unlocks the next chapter of our international expansion plan. Indonesia, with its massive automotive market and growing economy, promises to be a key driver of Pecca’s growth,” chief executive officer Foo Ken Nee said.
“Our stake in GMK will accelerate the process of establishing our presence in this very exciting market,” he added.