Kuala Lumpur: Tanjung Offshore Berhad has entered into a share sale agreement with Appolusa Sdn Bhd to acquire the remaining 49% equity interest in Gas Generators Sdn Bhd (Gastec). The purchase price for the shares amounts to RM34.3m and will be settled by cash via internally generated funds.
Gastric was incorporated on 26 July 1994 and designs and manufactures gas generators, air/gas compressor, filtration & dehydration packages for the petrochemical and oil & gas industries.
According to the release from Tanjung Offshore, they can now capitalise on the technological & market leadership of Gastec, capture new markets in the Asia Pacific region, and immediately enhance its engineering equipment division by providing more value added services whilst enhancing profitability margins. [22/10/13]