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Perisai gets investors' nod to buy Intan
by hlk Fri 24 Jun 2011, 17:30
Perisai Petroleum Teknologi Bhd today obtained shareholders' approval to acquire 51 per cent of Singapore-based Intan Offshore Sdn Bhd for RM45.237 million.
"It is a good acquisition because we already have a long-term contract with the company.
"The risk is also minimum and the acquisition price is also reasonable," Managing Director Izzet Ishak told reporters after the company's extraordinary general meeting today.
The company earlier held its annual general meeting.
Izzet also said the company would conclude the purchase a 100 per cent stake in Garuda Energy (L) Ltd for RM212 million by end-July.
Garuda Energy owns a jack-up rig which is currently converted into a mobile offshore product unit.
He added that both acquisitions were part of the company's expansion programme to grow its revenue and earnings. -- Bernama
"It is a good acquisition because we already have a long-term contract with the company.
"The risk is also minimum and the acquisition price is also reasonable," Managing Director Izzet Ishak told reporters after the company's extraordinary general meeting today.
The company earlier held its annual general meeting.
Izzet also said the company would conclude the purchase a 100 per cent stake in Garuda Energy (L) Ltd for RM212 million by end-July.
Garuda Energy owns a jack-up rig which is currently converted into a mobile offshore product unit.
He added that both acquisitions were part of the company's expansion programme to grow its revenue and earnings. -- Bernama
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