Pan-United Corp says wholly-owned indirect subsidiary, Resources Development (2010), had entered into a binding agreement to acquire the entire issued shares of Indonesian company PT Pacific Granitama from its existing shareholders for $10 million.

PT Pacific Granitama is a company engaged in granite mining activities, with fully-equipped manufacturing and loading facilities for the production and export of granite aggregates and by-products.

The completion of the acquisition will take place after the fulfillment of certain Indonesian regulatory requirements and will be funded by internal resources.

The acquisition is part of the group’s strategic expansion plans in its basic building materials division.

Pan-United Corp says the acquisition is not expected to have any significant effect on the consolidated net tangible assets and earnings per share of the Pan-United Corp. for the financial year ending Dec 31.