PPSP Acquiring Local Construction Firm to Expand Long-Term Business in Cambodia

• 24 March 2021
• Property Focus
• 2385 Views

Phnom Penh SEZ operator PPSP has decided to acquire local construction company, Sahas E & C Co., Ltd. for over US$1.1 million in order to expand its business ambitions in Cambodia after obtaining permission from the Securities and Exchange Regulator of Cambodia (SERC).

According to the company’s announcement on 22 March, prior to the acquisition, PPSP already owns 60% of Sahas E&C Co., Ltd. Thus, this transaction is the purchase of remaining 40% stake from the previous owner LCH.

The sale price is US$1,172,515 with US$500,000 already paid during the 18 March agreement signing and the remaining balance to be paid before 14 April.

“Sahas E & C Co., Ltd. is primarily engaged in all construction and building works including but not limited to engineering, design, procurement, project management and maintenance,” said the firm’s statement.

Since Sahas E&C is a profitable company, by acquiring the remaining 40% shares, the results of PPSP will be enhanced both in the short and long term,” the statement added.

Phnom Penh SEZ Plc. (publicly listed in Cambodia under PPSP) currently manages an area of more than 357 hectares. The firm also oversees other 80 international companies from 15 other countries.