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Companies team for technologies
KUALA LUMPUR, Malaysia, Sept. 6 (UPI) -- Malaysian tycoon Amin Shah is set to take control of the financially troubled L&M Group Investments, the Business Times reported Monday.
Under the deal, Amin will inject a 20 percent stake of his Malaysian-listed PSC Industries into the Singapore construction group.
L&M, an engineering and construction company which is currently 70 percent controlled by the Indonesian Soeryadjaya family, did not explain the purpose of the deal, but the company has been trying to raise funds to remain a going concern amid a debt restructuring exercise, the paper said.
PSC is a Malaysian listed group that develops properties, builds and repairs ships and provides heavy engineering services. PSC, not to be confused with the Singapore company of the same name, also dabbles in food processing, sea-ferry production and power plant construction.
Amin took a substantial shareholding in Singapore-listed logistics company GKE International in February, only to divest half his interests a few months later.
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