West River Berhad today announced that its indirect wholly-owned subsidiary, Neutron Power Sdn. Bhd., has signed a Share Sale Agreement to acquire a 95% stake in Ace Hydropower Sdn Bhd for RM850,000 in cash.
The acquisition involves 47,500 ordinary shares, representing 95% of the total issued share capital of Ace Hydropower. Upon completion of the transaction, Ace Hydropower will become an indirect subsidiary of the Group.
The agreement follows the Group’s earlier announcement on 17 September 2025 regarding the proposed acquisition. While the key terms remain largely consistent with the previously announced term sheet, the number of shares to be acquired has been revised. This adjustment was made after West River successfully met the agreed project timeline, allowing the Company to acquire additional shares from the vendor at a mutually agreed consideration.
The proposed acquisition is subject to several conditions, including satisfactory due diligence findings and the continued validity of all relevant licences and permits required for the hydropower project and Ace Hydropower’s operations. Other conditions include obtaining any necessary approvals from financiers, corporate approvals from the parties involved, and any relevant regulatory or third-party consents.
Completion will take place once these conditions are fulfilled or waived, provided there are no material adverse changes to Ace Hydropower’s financial or operational position and no legal or regulatory actions preventing the transaction.
