GFM Services (KLSE:GFM) signed a heads of agreement to acquire a 45% stake in Shapadu Energy for 30 million ringgit in cash, according to a Monday Malaysian bourse filing.

Under the deal, GFM will subscribe to new shares in Shapadu Energy for 10 million ringgit, representing 15% equity stake. Moreover, GFM will buy 30% of equity interest directly from Shapadu Energy's parent, Shapadu Corp., for 20 million ringgit.

Shapadu Energy provides maintenance and turnaround services for the Pengerang Refinery and Petrochemical Complex in Johor's Pengerang Integrated Complex (PIC), it noted.