PETALING JAYA: Serba Dinamik Holdings Bhd has proposed to acquire a 25% stake in Psicon BV for 400,000 euro (RM1.93 million) cash and the entire 100% equity interest in Psicon AVV for US$1.1 million (RM4.56 million) cash.
Serba Dinamik said in a filing with the stock exchange that its wholly owned subsidiary Serba Dinamik International Ltd (SDIL) had entered into two separate share sale agreements, including with Liberty Industries B.V. for the Psicon BV acquisition; and with Frank Koper for the Psicon AVV acquisition.
Psicon BV and Psicon AVV are primarily engaged in the business of process improvement, rotating equipment performance upgrading, advisory and trading of steam turbines and spare parts within Europe, Africa, the Middle East and the Far East.
The purchase considerations will be satisfied entirely in cash, which will be financed through the proceeds from the initial public offering (IPO) of Serba Dinamik which was completed on Feb 8, 2017. About RM95 million from the IPO proceeds has been identified for business expansion through investment and acquisition.
Serba Dinamik said the acquiree companies have over the years developed a range of intellectual properties which enabled them to become a total solution provider in the global power and oil & gas industries.
“The proposed acquisitions are part of the group’s strategy to further develop its capabilities in the maintenance, repair and overhaul of rotating equipment as well as gain access to projects and markets which are complementary to the group’s operations,” it added.
Source: The Sun Daily