Investments holding company, Pimpinan Ehsan Berhad (PEB) announced to enter into a Heads of Agreement (HOA) with, renewable energy company, ReNIKOLA Sdn Bhd, Boumhidi Abdelali, and YAM Tengku Zaiton Ibni Sultan Abu Bakar.
The proposed acquisition of the entire equity interests in reNIKOLA group of companies consists of reNIKOLA (Arau) Sdn Bhd, reNIKOLA (Gebeng) Sdn Bhd, reNIKOLA (Pekan) Sdn Bhd, reNIKOLA Solar Sdn Bhd, and RE Gebeng BKH Sdn Bhd.
“The acquisition is a strategic move for our regularisation plan as it enables the Company the access to the fast-growing renewable energy sector and its sizeable portfolio of solar assets and this new business will fuel growth and contribute sustainable recurring earning streams to the Company,” Executive Chairman of PEB, Rozali bin Ismail said.
“We aim to grow our renewable energy assets portfolio to be the largest in Malaysia. Having PEB with reNIKOLA combined will accelerate the transformation plan as we will have approximately 418MWp of solar assets upon completion, in our stable,” Director of reNIKOLA, Lim Beng Guan added.
“There will be more solar assets from the previous Large-Scale Solar programmes coming on-stream which translate into investment opportunities. Hence, this is an opportune time to better position PEB to capitalise on the robust growth potentials,” Managing Director of reNIKOLA, Boumhidi Adel commented.
Additionally, PEB announced to receive notice of unconditional mandatory take-over offer (MGO) from Pitahaya (M) Sdn Bhd.
Pitahaya together with the parties acting in concert with the company acquired a total of 45.29 million shares representing approximately 65.5 percent of the equity interest in PEB.