Ge-Shen buys 40% stake in EMS firm

PETALING JAYA: Ge-Shen Corp Bhd is proposing to acquire a 40% stake in Local Assembly Sdn Bhd, an electronic manufacturing service (EMS) provider, for RM48mil.

In a statement, the contract manufacturer said the acquisition will expand its presence in the EMS market.

Ge-Shen is acquiring the company from its three co-founders, namely Chai Voon Sun (37.5% interest), Gurmakh Singh Ajmer Singh (22.5%) and Wee Thian Song (15%).

“The board believes the acquisition will complement the existing business, enabling cross-marketing of products with diverse designs and specifications to a broader clientele. This will also drive synergistic value across the company through shared technology know-how,” it said.