KUALA LUMPUR (April 26): ACE Market-listed PUC Bhd received shareholders’ approval to acquire a 33 per cent stake in Pictureworks Holdings Sdn Bhd (PW) for RM52.80 million at its extraordinary general meeting here today.
In a statement, PUC said the acquisition would allow the company to diversify its business into the imagery capture sector, thus providing new revenue streams.
Group Managing Director and Chief Executive Officer Cheong Chia Chou said the acquisition would benefit the company with a guaranteed profit after tax of RM14.80 million for financial year 2018 (FY18) and RM20.50 million for FY19.
“The approval is timely as it enables PUC to capitalise on the rapidly-growing image capture market as well as to diversify our business and enhance our revenue stream for the coming year.
“Our acquisition of PW is synergistic as it will leverage Presto, the group’s recently-launched revolutionary social marketing and soon-to-be e-wallet platform by boosting brand presence and sales for its consumers and business partners,” he added.
× FOCUS MALAYSIA FOCUSLIFE REWARDS Follow us LOG INSUBSCRIBE HOME FOCUSLIFE REWARDS SNIPPETS PUC uses money raised for mobile app development Ho Chung Teng 05 Sep 2017 15:07
PUC Bhd is planning to develop a mobile app.
A A A- PUC Bhd, formerly known as PUC Founder (MSC) Bhd, is planning to utilise up to RM36.44 mil for the development of a mobile application as it seeks to expand its IT business, particularly electronic commerce and payment, advertising and media-related businesses.
In June, PUC completed the acquisition of the entire stake in Singapore-based IT business solutions provider Enovax Pte Ltd for S$2 mil (RM6.29 mil), as part of its expansion plan into mobile apps. The PUC mobile app will be created through the integration of PUC’s expertise in the e-payment services and advertising and media services.
The RM36.44 mil proceeds were initially raised in 2016 to construct several solar photovoltaic (PV) plants, with the intention to sell the renewable energy (RE) via the RE quota for the Feed-in Tariff (FiT) system granted by the Sustainable Energy Development Authority of Malaysia (SEDA). PUC raised RM42.65 mil, but as of Aug 9, 2017, only utilised RM6.2 mil of the proceeds.
PUC said since the completion of the rights issue of ICULS with warrants on Feb 24, 2016, and following the death of Cheong Chia Chieh @ Chang Chia Chieh (former MD of PUC) on Feb 27, 2016, the company has not been awarded new concessions or renewable energy power purchase agreement (REPPA).
For its PV business segment, PUC said that it has yet to identify any suitable projects with desirable yields, as further RE quotas have not been announced by SEDA.
PUC adds that SEDA’s FiT rates in 2016 were lower than previous years, making yields less lucrative than anticipated.
“The company has yet to identify any suitable bid(s) with desirable yields, as further request for bidding for large scale solar projects have yet to be announced by the Energy Commission.
“The company also faces negative carry on the remaining ICULS proceeds where the interest PUC earns on them are lower than the ICULS coupon rate of 4.0%,” PUC adds.
If they are looking into investments or JVs for millions to take stake like the 90mil accusation of Celcom/Axiata, then I think that PUC is negotiating with some Big Tycoos/ Tycoons for the deal. May be persons like Wong TS or Brahmal Vasudevan. We won’t know what is happening. What I know is Brahmal is very keen nowadays to invest in tech companies like Ucrest etc.
Ask PUC approaches MAPS (Malaysia Animated Pask & Studio) in Perak to acquire them since they're running at losses and need OWG to jointly assist them to run park.))
Anthonyloh, there are many trying to buy at lower price by condemning PUC. Just wait and see, when the price escalate nobody of this joker can catch it and they will suck at that time.
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