Citaglobal Bhd has revised its proposed acquisition of a 70% stake in Zeqna Corporation Sdn Bhd, owner and operator of the six-megawatt (MW) Slim hydropower plant in Perak, to RM14.5 million from RM15 million previously.
The RM0.5 million reduction follows a supplemental agreement entered into by its wholly owned subsidiary, Citaglobal Renewable Energy Sdn Bhd (CGRESB), as the group expands its renewable energy portfolio.
Under the revised terms, CGRESB has already paid RM4 million, with the remaining RM10.5 million due by Oct 29, 2026.
The proposed acquisition will give Citaglobal a controlling interest in an operational hydropower generation business, providing an opportunity to generate recurring electricity revenue.
The Slim hydropower plant operates under a long-term renewable energy power purchase agreement with Tenaga Nasional Bhd, providing a contracted framework for electricity sales.
The acquisition forms part of Citaglobal’s broader strategy to strengthen its New Energy segment through investments in renewable power generation assets.
Separately, the group is pursuing a proposed acquisition of a 70% stake in Koridor Mentari Sdn Bhd, which is developing the 6MW Kampar hydropower project in Perak.
Together, the proposed acquisitions would give Citaglobal exposure to two hydropower projects with a combined capacity of 12MW, comprising the operational Slim plant and the Kampar facility currently under development.
The investments are expected to expand the group’s renewable energy footprint while providing a potential source of recurring income from electricity generation.
