Pecca group completes major stake in automotive seating company
Malaysian automotive leather manufacturer Pecca Group has finalised the acquisition of an 80% stake in PT Gemilang Maju Kencana (GMK), following transfer rights approval from the Minister of law and human rights of the republic of Indonesia.
The acquisition of GMK, a supplier of leather seat covers and wrapping to the Indonesian automotive industry, forms part of Pecca’s international expansion plan.
On announcing the completed deal, Pecca Group Berhad CEO Foo Ken Nee said: “Completing this acquisition unlocks the next chapter of our international expansion plan. Indonesia, with its massive automotive market and growing economy, promises to be a key driver of Pecca’s growth.”
With a population of 281 million people, Indonesia rates as having the highest vehicle sales figures in the Southeast Asian region, with monthly vehicle sales of 100,000 units in March 2023, according to local industry analysis.
Pecca Group styles, manufactures, distributes and installs upholstery for car seat covers and interior products for various automotive manufacturers including Toyota, Volkswagen, Nissan and Ford.
