Stella obtains shareholders’ nod to buy PTM

KUALA LUMPUR: Stella Holdings Bhd obtained its shareholders’ approval to acquire Pembinaan Teguh Maju Sdn Bhd (PTM) for RM380mil at an EGM.

“This acquisition is especially noteworthy given PTM’s RM1.16bil worth of outstanding orders in areas such as roadworks, building construction, and mechanical and electrical projects.

“Furthermore, PTM has submitted quotations and is in discussions for contracts totalling RM1.78bil, amplifying the earnings potential over the next three financial years,” it said in a statement.

PTM also provided a profit guarantee of RM120mil for the financial years ending June 30, 2024, 2025, and 2026 on an aggregate basis to the company.