Pantech buys metal precision firm serving O&G industry
03 Jan 2022
Pantech Group Holdings Bhd has acquired a metal precision machining, engineering and turnkey solutions company that serves the oil and gas (O&G) and other industries.
The acquisition of Unity Precision Engineering Sdn Bhd (UPESB) for RM13 million will contribute towards Pantech becoming a high value-added manufacturing group, the group said in a bourse filing.
Pantech said it would be able to leverage on UPESB’s facilities and skills of workers to provide customised machining services and precision engineering services.
The group is buying UPESB from Goh Eng Lee and Goh Kian Chong, with the acquisition expected to be completed by the first quarter of 2022.
Pantech is involved in the manufacturing of pipes, fittings, flanges, valves and other components, primarily for the O&G sector.
Pantech’s share price closed 1.5 sen or 2.61% higher at 59 sen, valuing the group at RM488 million.
Source: The Edge Markets