Pantech Acquires Precision Metal Cutting Company For RM13 Million

Pantech is acquiring all 400,000 ordinary shares representing 100% equity interest in UPESB for a total purchase consideration of RM13,000,000.00.

The company which was established in 2003 is primarily involved in metal precision machining, engineering, and turnkey solutions. It serves various industries including the oil and gas industry. The solutions provided include computer numerical control (“CNC”) turning, CNC milling, wire cut, grinding, deep hole drilling and other manufacturing services.

The Purchase Consideration was arrived at by the parties after negotiation and taking into consideration the amount due and owing by UPESB to the Vendors, financiers, trade creditors, and other related and unrelated parties,

Pantech sees the acquisition as an opportunity to expand its service offerings and enhance its positioning towards a high value-added manufacturing company. The group would be able to leverage on UPESB’s facilities and skills of workers to provide customized machining services and precision engineering services to the oil and gas and other relevant players.

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