PETALING JAYA: Pasukhas Group Bhd said the termination of its proposed acquisition of PT Bangun Daya Perkasa (PT BDP) was due to issues related to the due diligence review.
In a filing with Bursa Malaysia, the group said that certain issues relating to the due diligence review could not be resolved to the satisfaction of the company, thus the parties mutually agreed to terminate the deal.
To recap, Pasukhas’ wholly owned subsidiary Pasukhas Energy Sdn Bhd (PESB) had in June 2017 proposed to acquire 92.5% stake of PT Tenaga Listrik Gorontalo (PT TLG), a subsidiary of PT BDP. PT TLG operates a 2 x 12.5 MW coal power plant in Sulawesi Utara.
PESB proposed to modify the transaction structure after reviewing the terms of transaction, and proposed to acquire 100% equity interest in PT BDP instead.
In December 2017, PESB said it had obtained a letter of offer from PT BDP shareholders for the proposed acquisition for US$1.37 million per MW.
However, Pasukhas said last week that the approval letter entered into between PESB and PT BDP for the acquisition of 92.5% equity interest held by PT BDP in PT TLG, and the letter of offer from PT BDP shareholders have been terminated via letters issued to the parties involved.
Source: The Sun Daily