Engtex Group Berhad (Engtex) had today increased equity stake in Engtex Energy Sdn Bhd (EESB) from 51 to 80% after subscribing for 749,000 new ordinary shares for a cash consideration of of RM749,000.
The balance 20% is held by Northern Solar Sdn Bhd, a non-related company.
In a Bursa listing today (Nov 14), the group said that it is to gain greater control over EESB’s strategic direction and decision making.
“The subscription is not expected to have any material effect on the earnings per share, net assets per share, gearing and substantial shareholders’ shareholdings of Engtex for the financial year ending 31 December 2023,” he said.
EESB is a private limited company incorporated in Malaysia on 2 July 2002, with initial issued and paid-up share capital of RM100,000 comprising 100,000 ordinary shares.
After the subscription, the issued and paid-up share capital of EESB was increased to RM1,000,000 comprising 1,000,000 ordinary shares.
EESB, formerly known as Leading Wonder Sdn Bhd (LWSB) is involved in the provision of the clean energy solution.
Last February, Engtex has acquired a 51% stake in LWSB to participate in the clean energy solution.