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Tanjung Offshore buys Gastec for RM34.3m
by Cals Tue 22 Oct 2013, 09:05
Tanjung Offshore buys Gastec for RM34.3m
Posted on 22 October 2013 - 05:39am
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PETALING JAYA (Oct 22, 2013): Tanjung Offshore Bhd is buying the remaining 49% stake in Gas Generators (Malaysia) Sdn Bhd (Gastec) from Appolusa Sdn Bhd for RM34.3 million cash.
In a filing with Bursa Malaysia yesterday, Tanjung Offshore said the acquisition will enable it to consolidate the future earnings potential of Gastec on a 100% basis.
"Based on a stronger financial platform of Tanjung Offshore, Gastec will continue to penetrate new niche markets within the oil and gas (O&G) industry," it added.
As part of Tanjung Offshore's efforts to seek growth and brighter prospects in the near future, the group said it can capitalise on the technological and market leadership of Gastec and capture new markets in Asia-Pacific.
The acquisition will also enable Tanjung Offshore to immediately enhance its engineering equipment division by providing more value added services while enhancing profitability margins.
Gastec was incorporated in July 1994, designs and manufactures gas generators, air and gas compressor, filtration and dehydration packages for the petrochemical and O&G industries.
Gastec has operations in Asean, with subsidiaries and associated companies in Indonesia, Japan, Australia, the Philippines and Thailand.
For financial year ended Dec 31, 2012, Gastec generated a net profit of RM5.38 million on revenue of RM34.48 million.
[You must be registered and logged in to see this link.]
PETALING JAYA (Oct 22, 2013): Tanjung Offshore Bhd is buying the remaining 49% stake in Gas Generators (Malaysia) Sdn Bhd (Gastec) from Appolusa Sdn Bhd for RM34.3 million cash.
In a filing with Bursa Malaysia yesterday, Tanjung Offshore said the acquisition will enable it to consolidate the future earnings potential of Gastec on a 100% basis.
"Based on a stronger financial platform of Tanjung Offshore, Gastec will continue to penetrate new niche markets within the oil and gas (O&G) industry," it added.
As part of Tanjung Offshore's efforts to seek growth and brighter prospects in the near future, the group said it can capitalise on the technological and market leadership of Gastec and capture new markets in Asia-Pacific.
The acquisition will also enable Tanjung Offshore to immediately enhance its engineering equipment division by providing more value added services while enhancing profitability margins.
Gastec was incorporated in July 1994, designs and manufactures gas generators, air and gas compressor, filtration and dehydration packages for the petrochemical and O&G industries.
Gastec has operations in Asean, with subsidiaries and associated companies in Indonesia, Japan, Australia, the Philippines and Thailand.
For financial year ended Dec 31, 2012, Gastec generated a net profit of RM5.38 million on revenue of RM34.48 million.
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