Pasukhas gets offer letter to buy PT Bangun Daya Perkasa

KUALA LUMPUR: Pasukhas Group Bhd through its wholly-owned subsidiary, Pasukhas Energy Sdn Bhd (PESB), has obtained a letter of offer from the shareholders of PT Bangun Daya Perkasa (PT BDP) for an acquisition of 100% equity interest in PT BDP for US$1.37mil per megawatt (MW), adjusted with the addition of other assets of PT BDP and PT Tenaga Listrik Gorontalo (PT TLG), subtracted by liabilities and tax liabilities of the companies, of over 92.5%.

In a filing to Bursa, Pasukhas said that on June 13, PESB had expressed interest in acquiring 92.50% stake of a PT BDP subsidiary company, PT TLG. PT TLG is operating a 2 x 12.5 MW coal power plant in Sulawesi Utara, Gorontalo City.

Upon reviewing the terms of transaction, however, PESB has proposed to modify the transaction structure, whereby PESB shall acquire the equity interest in PT BDP instead, which is the holding company of PT TLG.

The offer letter is subject to the definitive agreements containing the terms and conditions, which is targeted to be completed in three months.

In a statement, executive director cum chief executive officer of Pasukhas, Wan Thean Hoe said: “The existing capacity of the power plant is 2 x 12.5 MW. After this acquisition, we will have the opportunity to apply for an additional of 2 x 50 MW capacity for the expansion of our power plant.

“In the event of approval in the next 18 months, the additional capacity shall be procured for an additional purchase consideration of US$6.94mil.”

“The objective for the proposed acquisition is to build strong and sustainable future earnings for the company.

“Upon successful acquisition of PT BDP, Pasukhas will be positioned as one of the regional concessionaire in the power industry.”