Pasukhas to supply one vessel steam coal for RM25 million

PETALING JAYA: Pasukhas Group Bhd (PGB) is venturing into the coal supply business through the sale of one vessel steam coal for US$6.35 million (RM25 million).
The group said in a filing with the stock exchange that its wholly owned subsidiary Pasukhas Products Sdn Bhd had on January 19 entered into a sale and purchase contract with a Taiwanese company for the sale and delivery of one vessel steam coal valued at US$ 6.35 million at freight on board anchorage point of South Kalimantan, Indonesia.
"We believe that this will not be a one-off engagement to supply for the Taiwanese counterpart, as we expect to have continued involvement in this coal supply business given its synergy to our existing concessionaire business in Indonesia," said PGB CEO and executive director Wan Thean Hoe.
"We have plans to supply to our own power plants, on top of supplying to external parties. With this business opportunity, we expect that the contract will be able to contribute positively towards creating sustainable earnings for the company," he added.
At today’s market close, PGB’s share price gained 3.6% to close at 14.5 sen, with some 4.16 million shares changing hands.