Kinergy Advancement Berhad (KAB) announced that the Group’s wholly-owned subsidiary KAB Energy Holdings Sdn Bhd (“KABEH”) has completed the acquisition of the entire equity stake of Matahari Suria Sdn. Bhd. (“MSSB”) for a purchase consideration of RM5.3 million today, further expanding its sustainable energy solutions (“SES”) segment’s portfolio.
MSSB owns a solar PV system on the rooftop of Universiti Teknologi Malaysia Kuala Lumpur and has an ongoing renewable energy power purchase agreement to supply energy to Tenaga Nasional Berhad (“TNB”) under a feed-in tariff concession until 2037.
Dato’ Lai Keng Onn, Executive Deputy Chairman cum Group Managing Director of KAB, said, “By completing the acquisition of MSSB, we have further expanded our solar PV portfolio in line with the growth strategy of our SES segment. The acquisition is anticipated to contribute positively to KAB’s financial performance until 2037.”
“With the government’s ambitious target of increasing the renewable energy (“RE”) capacity by 70% by 2050, it is an indication that there is significant potential for expansion in the SES segment. As we move forward, we will identify more opportunities in solar PV and other renewable sources to accelerate the growth of our SES segment and enhance our long-term earnings profile.”
