KUALA LUMPUR (Oct 12): GETS Global Bhd has entered into a memorandum of understanding (MoU) with Putrajaya Leisures & Services Group Sdn Bhd (PULSE Group) to discuss the proposed acquisition of a 79.99% stake in a Putrajaya public transport service provider.

In a filing today, GETS said the MoU pertained to the acquisition of the 239,999 shares in Pengangkutan Awam Putrajaya Travel & Tours Sdn Bhd (PAPTT) from PULSE Group for RM1.

It said PAPTT's service is supported by over 170 buses and the services include Putrajaya city bus services for internal and external routes, and bus rental and leasing.

GETS said PAPTT also manages the Putrajaya Sentral Terminal, Putrajaya Park & Ride and carparks in various locations in Putrajaya.

PAPTT is jointly owned by Perbadanan Putrajaya and PULSE Group with a total share capital of RM300,000, according to the filing.

On the rationale for the acquisition, GETS said the MoU would provide the company with an opportunity to venture into city bus services, which is a new sustainable business to complement its existing business activities of express bus services, new bus sales, and repair and maintenance services.

"The company will make a detailed announcement upon the execution of the definitive agreements in compliance with the requirements of Main Market Listing Requirements of Bursa Malaysia Securities Bhd," it said.

At 11.06am, GETS last traded at 21.5 sen with 10,000 shares changing.