Pecca expands presence in Indonesian automotive market

Pecca Group chief executive officer Foo Ken Nee

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.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

BNM: Micro, small businesses to continue enjoying zero-cost transactions via DuitNow QR payments
Hong Leong Bank to continue to waive transaction fees for DuitNow QR payments
Public Mutual declares over RM47mil for two funds
Budget 2024: A tough balancing act for Anwar
Marine & General cautiously optimistic about FY24 performance
WtE space heats up
CPO price set to recover
Private hospitals, insurers stirred as claims rise
Fit for expansion
Streamlining a business practicality

Others Also Read