Taliworks has proposed acquisition in the remaining equity interest in Fortune 11, Corporate Season and Silverstar Pavillion by its subsidiary Taliworks Renewable.
The proposed acquisition will be from Sev Renewables which is a wholly-owned subsidiary of Sun Energy Ventures, Tali had since entered into a letter agreement with SEV Renewables and Mr. Todd Morath setting out the agreed position in relation to the sale of the F11 Shares, CS Shares and SP Shares held by SEV Renewables.
Accordingly, the group has also stated that there has been a revision to the purchase price to RM37.5 million and a deposit of RM3.63 million to be placed within 5 days of the signing of the letter of agreement.
The New Purchase Price was arrived at on a “willing buyer willing seller” basis, which was derived based on the DCF methodology using the revised future cash flows of the FIAHs and applying a relevant discount rate in arriving at the net present value, taking into account the existing debt, liabilities, and cash in the FIAHs.
Taliworks a company primarily involved in water treatment and management is slowly diversifying into new business areas including renewable energy. This will be its major acquisition in line with the diversification.
