Pimpina Ehsan Enters Third Supplemental Agreement To Acquire Another RE Asset

Pimpinan Ehsan Berhad has entered into a third supplemental agreement with B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel, and YAM Tengku Zaiton Ibni Sultan Abu Bakar, in relation to the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries.

This is part of its proposed regularisation plan which now includes the proposed acquisition of an additional renewable energy asset, Idiwan Solar for RM13.9 million. Idiwan Solar owns and operates a solar photovoltaic power generation project in Machang, Kelantan with an aggregate capacity of approximately 45 MWdc. The solar plant has achieved its initial operation date in January 2023. In addition, PEB is also looking to acquire three entities that own the parcels of land on which its RE assets sit on, as well as several newly incorporated subsidiaries of reNIKOLA Holdings.

The total purchase consideration for the RE assets under the proposed rationalisation plan is RM339.4 million, which PEB seeks to satisfy via the issuance of 144.9 million new ordinary shares at issue price of RM1.07/share, and 143.3 million new ordinary shares at issue price of RM1.2867/share.

The proposed regularisation plan would also see B.Grimm Power (Malaysia) Sdn Bhd emerging as a substantial shareholder in PEB a wholly-owned subsidiary of Thailand-listed B.Grimm Power Public Company Limited that has a market capitalsation of THB105.6 billion (equivalent to approx. RM13.5 billion). B.Grimm Power has 737 MWp of renewable power plants in operations, consisting of solar projects in Thailand and Vietnam, wind projects and waste-to-energy projects in Thailand, and hydropower projects in Laos.

In addition, there will also be a proposed share split involving subdivision of 1 PEB share into 2 PEB shares; as well as proposed private placement of up to 80 million shares (before the proposed share split), representing 22.4% of the enlarged capital of PEB at an issue price to be determined later.

The proposals are subject to approvals from the Securities Commission, Bursa Malaysia Securities Berhad, Ministry of International Trade and Industry, Minister of Energy and Natural Resources, Energy Commission, and Tenaga Nasional Berhad.

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