KUALA LUMPUR (April 28): Jasa Kita Bhd (KL:JASKITA) is acquiring KT System Sdn Bhd in a deal worth RM10 million as part of its efforts to enter the power and utilities infrastructure sector.

Jasa Kita said the acquisition would involve buying 1.3 million shares from KT System’s major shareholders Norza Holdings Sdn Bhd and Nazarudin Salleh, resulting in a 100% equity stake, according to a bourse filing. 

The transaction will be paid via internally generated funds and possibly bank loans, and is expected to be completed in the second quarter of the year.

“This KT acquisition creates synergy and serves as a strategic fit by combining KT’s established technical capabilities with Jasa Kita’s longer-term ambition to build a broader engineering platform in the power infrastructure and utilities space,” said Jasa Kita group managing director Datuk Seri Iskandar Mizal Mahmood.

KT System Sdn Bhd is a full-service electrical engineering firm that includes inspection, testing, commissioning and maintenance of electrical systems for transmission, distribution and solar projects. It also provides consultancy services for power protection.

In a press statement, Jasa Kita said KT System has served clients such as Tenaga Nasional Bhd (KL:TENAGA), Petroliam Nasional Bhd (PETRONAS), and Malaysia Airports Holdings Bhd, among others.

Jasa Kita said Malaysia’s power sector is expected to grow off artificial intelligence (AI) data centre developments, renewable energy and grid optimisation from government initiatives.

Shares of Jasa Kita were flat at 20 sen on Tuesday’s noon break, valuing the group at RM89.9 million.