PETALING JAYA: Ann Joo Resources Bhd
’s 55% indirect subsidiary, Konsortia Etiqa Sdn Bhd (KESB), has acquired 102,000 shares in Perfect Channel Sdn Bhd (PCSB) from Kinsteel Bhd for RM10mil cash.
In a filing with Bursa Malaysia yesterday, Ann Joo added KESB had also subscribed to 100 million new shares in PCSB for RM100,000, thereby taking KESB’s stake in PCSB to 99.9%.
The filing highlighted that PCSB is the registered beneficial owner of six parcels of contiguous freehold industrial land measuring 436.8 acres together with buildings and facilities at the Gurun Industrial Park in Kedah.
“The acquisition is also in line with the group’s ambition to diversify its business into property development and property investment in the industrial segment,” Ann Joo added.
With this land, Ann Joo believes that it is well-positioned to tap on the significant growth in the industrialisation of the Northern region.
PCSB is principally engaged in the manufacturing of hard drawn wires, galvanised steel wires and other wire products.
Ann Joo said this acquisition would enable the group’s upstream steel division to expand into the production of engineering-grade steel wire rods by leveraging PCSB’s plant and machinery capability.
PCSB has temporarily ceased its manufacturing operations since May 2019 due to a fire incident involving its main intake substation.
It currently generates income from letting out its industrial buildings.
