KUALA LUMPUR (Oct 20): Pestech International Bhd’s unit is disposing of a transmission system project in Cambodia for US$118 million.
Pestech said its 60% indirect-owned subsidiary Diamond Power Ltd (DPL) has signed an agreement with Cambodian Transmission II Co Ltd (CTL II), a wholly-owned subsidiary of Leader Transmission Ltd, to dispose of the 230kV Kampong Cham-Kratie transmission system.
DPL is a special purpose vehicle that owns and operates the project.
“DPL wishes to novate, assign and release itself from the business activities in relation to the project, and CTL II has expressed its willingness to assume the business activities,” said Pestech in a filing with Bursa Malaysia.
Shares of Pestech closed unchanged at 31 sen on Thursday (Oct 20), valuing the company at RM307.59 million.