Pekat unit in talks for stake in power solutions firm

KUALA LUMPUR: Pekat Group Bhd’s wholly owned subsidiary Pekat Teknology Sdn Bhd has entered into negotiations with Apex Power Industry Sdn Bhd for the potential acquisition of equity in EPE Switchgear (M) Sdn Bhd.

In a statement, Pekat said the two parties have inked a memorandum of understanding to deal exclusively until June 30, 2024, for the purchase of equity in EPE and the purchase consideration, subject to a due diligence review to be undertaken by Pekat Technology on the target company.

EPE is principally involved in manufacturing, engineering and projects, providing a wide range of products and services to the generation, transmission and distribution of the electrical-power industry.