KUALA LUMPUR: PUC Bhd is buying 33 per cent in Pictureworks Holdings Sdn Bhd for RM52.8 million under a plan to expand its advertising and media revenue base. “The board has identified the imagery capture sector as new business segment to enable the PUC Group to expand its business portfolio and to diversify its revenue sources,” PUC said in its filing to the stock market today. To pay for the acquisition, PUC will be issuing 64.6 million new shares to the vendors at 32.2 sen each amounting to RM20.8 million. PUC said Pictureworks guarantees at least RM14.8 million in profits for the year ending December 2018 and RM20.5 million in 2019. At present, the Pictureworks Group imagery system services are being offered in theme parks, water parks, tourist attractions, holiday resorts, and other attractions totaling more than 30 sites in Asia.

Source: New Strait Times December 27, 2017 14:26 UTC