KUALA LUMPUR (April 26): ACE Market-listed PUC Bhd received shareholders’ approval to acquire a 33 per cent stake in Pictureworks Holdings Sdn Bhd (PW) for RM52.80 million at its extraordinary general meeting here today.

In a statement, PUC said the acquisition would allow the company to diversify its business into the imagery capture sector, thus providing new revenue streams.

Group Managing Director and Chief Executive Officer Cheong Chia Chou said the acquisition would benefit the company with a guaranteed profit after tax of RM14.80 million for financial year 2018 (FY18) and RM20.50 million for FY19.

“The approval is timely as it enables PUC to capitalise on the rapidly-growing image capture market as well as to diversify our business and enhance our revenue stream for the coming year.

“Our acquisition of PW is synergistic as it will leverage Presto, the group’s recently-launched revolutionary social marketing and soon-to-be e-wallet platform by boosting brand presence and sales for its consumers and business partners,” he added.