Share
- The group said it will pay for the stake in SPPH Eco Biomass Resources Sdn Bhd via a cash payment of RM14.51 million to the seller, Abd Azis Mohamad.
KUALA LUMPUR (Dec 23): Jasa Kita Bhd (KL:JASKITA) said it has entered into a deal with the spouse of its recently appointed executive chairman Datuk Yasmin Mahmood to acquire a 55% stake in a firm that owns a parcel of industrial land in Pahang.
The group said it will pay for the stake in SPPH Eco Biomass Resources Sdn Bhd via a cash payment of RM14.51 million to the seller, Abd Azis Mohamad. In addition, Jasa Kita will assume advances of RM23.83 million owed by SPPH to Abd Azis, bringing the total value of the transaction to RM38.34 million.
“The acquisition is aligned with Jasa Kita’s strategy to strengthen its asset base and diversify beyond its core trading and distribution activities,” the group said in its filing with Bursa Malaysia on Tuesday.
SPPH owns a 445,510-square metre leasehold industrial land located within the Gebeng Industrial Estate, a heavy industrial zone near the Kuantan port.
Jasa Kita said the transaction provides an opportunity for the group to secure a controlling interest in the land-owning company without the need for a full equity acquisition or outright land purchase.
It added that acquiring a majority stake allows it to adopt a “wait-and-see” approach on the future utilisation of the property, which may include supporting its operational needs such as warehousing and logistics, exploring potential development opportunities, or holding the asset for long-term capital appreciation.
Abd Azis acquired the shares in SPPH for RM1 in February 2022 and subsequently advanced RM23.5 million to fund the purchase of the land from Perbadanan Setiausaha Kerajaan Pahang, as well as related professional fees. The total advances rose to RM23.83 million as at June 30, 2025, following additional payments for quit rent and administrative expenses.
The remaining equity interest in SPPH is held by Muhammad Hafiz Rozlan (27%) and Rozlan Ab Rahman (18%).
The share acquisition is now subject to customary closing conditions, including the group's non-interested shareholders at an extraordinary general meeting.
Yasmin, her brother and group managing director Datuk Seri Iskandar Mizal Mahmood, and Abd Azis are the party that jointly acquired a 40.33% stake in Jasa Kita in September this year via Kintan Prima Sdn Bhd. Yasmin and her brother assumed their current roles just a month ago.
Kintan Prima made the 40.33% stake acquisition in Jasa Kita from Tan Sri Robert Tan Hua Choon and his son Datuk Seri Tan Han Chuan for RM68.9 million, or 38 sen per share at that time.
Shares in Jasa Kita closed one sen or 3.92% lower at 24.5 sen on Tuesday. Earlier in the day, it was down by more than 21% at a six-month low of 20 sen. However, the stock is up 44.1% year to date.
At its closing price, Jasa Kita, which has proposed to change its name to OTEQ Bhd, is valued at RM108.02 million.
Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.
