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ZICOM GROUP LIMITED — M&A Activity 2011
Mar 29, 2011
66117_rns_2011-03-29_f1761706-1b16-4060-8a11-043c9ead6889.pdf
M&A Activity
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ABN 62 009 816 871 Zicom Group Limited
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38 Goodman Place, Murarrie, Queensland 4172 • Tel: (07) 3908 6088 • Fax: (07) 3390 6898
30 March 2011
Company Announcements Office Australian Securities Exchange Level 6, 20 Bridge Street SYDNEY, NSW 2000
NEW ACQUISITION PT PUTRA DHARMA HARMOTEKNIK
The Group is pleased to announce that it has completed acquisition of a majority interest in an Indonesian based company, PT Putra Dharma Harmoteknik (PDH) through its Singapore based wholly owned subsidiary Zicom Equipment Pte Ltd (ZEPL) for US$300,000.
PDH was first incorporated in 1994 in Jakarta wholly owned by Indonesians and has been principally involved in activities relating to the energy sector. It holds a MIGAS licence from the Department of Energy and Mineral Resources, Indonesia as a licensed EPC (Engineering, Procurement and Construction) supplier/contractor qualified to carry out turn-key projects in the oil and gas sector. However due to limited resources, it has been unable to participate fully in the oil and gas potentials in Indonesia.
In recent months with the assistance and support of ZEPL, PDH has evolved into a credible engineering company that is capable to undertake turn-key process plants in Indonesia as well as to assist ZEPL in engineering support for its projects outside of Indonesia.
ZEPL was restructured into an EPC company 24 months ago. It has to-date secured confirmed orders for 6 turn-key projects totalling US$29m for delivery in the financial years 2011 and 2012. All these projects are based outside of Indonesia. With the acquisition of PDH, ZEPL is able to support PDH to participate directly in turn-key projects in the oil and gas sector in Indonesia in the near future.
We expect the acquisition to be accretive in the medium to long term future.
The acquisition is fully funded by internal resources.
Yours faithfully ZICOM GROUP LIMITED
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G L Sim Chairman/MD