Dhaya Maju to acquire 51% stake in Pestech

PETALING JAYA: Pestech International Bhd has entered into a heads of agreement with Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA) for the proposed subscription by DMIA of at least a 51% stake in Pestech at 15.5 sen per share.

The corporate exercise comes on the heels of the collapse of IJM Corp Bhd’s proposed acquisition deal in Pestech, which would have seen IJM become the largest shareholder in the financially distressed company.

In a filing with Bursa Malaysia, Pestech stated the deal with DMIA aims to enhance both companies’ competitiveness by offering more comprehensive solutions, enabling participation in larger-scale projects, and expand their geographical footprint.

Pestech and DMIA also have established track records in railway and rail electrification, highway, and civil and electrical network infrastructures within the region.