KUALA LUMPUR (April 13): Pansar Bhd has completed the acquisition of Perbena Emas Sdn Bhd (PESB), marking its strategic entry into the construction industry.
In a statement today, the engineering solutions provider said the acquisition brings an additional RM2 billion order book which PESB has amassed to-date via key notable infrastructure projects in Sarawak into the group’s existing order book of RM223 million comprising design, construction, supply, and engineering contracts.
“In line with the acquisition, the group will diversify its operations into construction and civil engineering, leveraging PESB’s 43-year track record in construction and infrastructure development.
“The construction sector in Sarawak is expected to prosper over the next few years, driven by the RM22 billion in spending for infrastructure projects by the state government,” Pansar said.
The company added that the spending for infrastructure projects included the Second Trunk Road, coastal road upgrades, water grid programmes, rural electrification projects, and telecommunications towers.
Pansar anticipates that the revenue and earnings stream from PESB’s core business of construction and construction-related activities will contribute substantially to its net profit.
The group announced in September last year that it entered into a conditional share purchase agreement with PE Holdings Sdn Bhd to acquire a 100 per cent equity interest in the issued share capital of PESB for a purchase consideration of RM151 million.
The company received the shareholders’ approval for the proposed acquisition on Dec 22, 2020 during its extraordinary general meeting. – Bernama