KUALA LUMPUR (June 28): Pasukhas Group Bhd's share price rose by as much as 12.1% or 2 sen this afternoon to 18.5 sen. The penny stock was one of the top 10 active counters, with 36.6 million shares changing hands as at 3.43pm.

On June 13, the ACE Market-listed group announced the proposed acquisition of a 92.5% stake in PT Tenaga Listrik Gorontala (PT TLG), a subsidiary of PT Bangun Daya Perkasa, in its bid to cement its foothold in the Indonesian power plant sector.

PT TLG is mainly involved in mining and power supply generation, and runs a coal-fired power plant in North Sulawesi.

Pasukhas chief executive officer Wan Thean Hoe said the group has signed a memorandum of understanding with PT CHD Power Plant Operation Indonesia to establish the basis for further discussion in exploring the viability of entering into a joint venture to embark on the development and explore potential business opportunities in power generation projects in the Indonesian market.

According to Wan, the power plant currently has a capacity of 2 x 12.5 megawatt (MW) and could potentially be expanded to supply 2 x 50MW, upon approval.

Hong Leong Investment Bank's head of retail and equity research Loui Low believes the strong interest presently demonstrated in the rise of the group's share price might only last for the short term.

"Selective penny counters tend to be speculative, and looking at these types of stocks, the euphoria (buying interest) is not as strong in this current quarter as compared to the last quarter," Low said.

"As for Pasukhas, after the recent surge in price, short-term profit-taking activities may emerge," he added.