Jasa Kita’s next move

IT will be interesting to see what Jasa Kita Bhd, a manufacturer of industrial equipment, which announced the acquisition of a 55% stake in a privately held company that owns 44.55 ha of leasehold industrial land located in Pahang’s Gebeng industrial zone, will do with this land should shareholders acquiesce to the deal.

This is especially so given that Jasa Kita recently saw a new set of owners who are related parties to the acquisition.

Abd Azis Mohammad, the seller of the 55% stake, is the husband of the newly appointed executive chairman of Jasa Kita, Datuk Yasmin Mahmood.

Together with her husband, and her brother, Datuk Seri Iskandar Mizal Mahmood, they acquired a 40.33% in Jasa Kita from Tan Sri Robert Tan Hua Choon and his son, Datuk Seri Tan Han Chuan in September 2025.

Iskandar was appointed Jasa Kita’s group managing director in November last year, and so was Yasmin to her role.

While Jasa Kita announced that there were no immediate plans for the land, it did note that the diversification is aligned with the company’s strategy to strengthen the asset base and diversify beyond the current core business.

The acquisition involved the purchase of 3.85 million shares by Jasa Kita in the privately held company through cash of RM14.51mil and assuming advances of RM23.83mil owed to Abd Azis.

The acquisition will need shareholders consent and they should question how this acquisition, which also comes with assuming debt of RM23.83mil, can help in advancing Jasa Kita’s future.