Pasukhas to diversify into property development, coal trading

KUALA LUMPUR (April 2): Pasukhas Group Bhd has proposed to diversify its business to include property development and coal trading.

Its executive director cum chief executive officer Wan Thean Hoe said the diversification is within the group’s expansion plans, which is to diversify into new viable businesses to enhance its income stream.

“We believe that we will be able to leverage on our expertise in civil engineering and construction in our venture into property development, which would in turn create a synergistic effect to Pasukhas’ existing business in the civil engineering and construction segments,” he said in a statement yesterday.

Similar with the expansion into the coal business, Wan said this venture would unlock new opportunities for the group “in its existing utilities and power generation business”.

“Ultimately, we expect that both these diversified businesses will enhance our net profits and generate long-term income for the group,” he added.

The group will seek approval from its shareholders at an extraordinary general meeting.

Pasukhas, via its wholly-owned subsidiary Pasukhas Development Sdn Bhd with joint developers Pasukhas Properties Sdn Bhd and Midtown Pearl Sdn Bhd, will be undertaking the development of Lushwoods Towers and Residences here, upon approval from the Kuala Lumpur City Hall.

The proposed project will have an estimated gross development value of RM438.9 million, which is expected to contribute 25% or more of the group’s net profit and/or net assets.

Pasukhas recently announced that its wholly-owned subsidiary Pasukhas Products Sdn Bhd had ventured into the coal business segment to supply three vessels with steam coal at RM60.4 million, out of the anchorage point of South Kalimantan, Indonesia.

This article first appeared in The Edge Financial Daily, on April 3, 2018.

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