Ranhill acquires 26.7% stake in Tawau Green Energy for RM18.7mil

KUALA LUMPUR: Ranhill Holdings Bhd has acquired a 26.7% stake in Tawau Green Energy Sdn Bhd (TGE) for RM18.7mil or RM1 per share.

In a filing with Bursa Malaysia Monday, Ranhill said its subsidiary Ranhill Capital Sdn Bhd has acquired 18.7 million ordinary shares in TGE on Sept 29.

TGE is principally involved in the design, construct, own, operate and maintain a renewal energy power plant for the purpose of selling electrical energy to Sabah Electrical Sdn. Bhd.

TGE has received requisite approvals to develop a 37MW geothermal power plant at Apas Kiri, Tawau, Sabah.  

The plant will operate using Binary ORC Technology utilising indigenous geothermal resources to be exploited at the Apas Geothermal Prospect.

“The RM18.7mil consideration was based on RM1 per share on a willing-buyer willing-seller basis. The acquisition was funded by internally generated funds,” Ranhill said.

The other shareholders of TGE are Kamarul Kamil (24.3%), Ramzi Sarofim Kozhya Raad (40%) and Exergy S.P.A (9%).

Trading in Ranhill shares, which has been halted, will resume from 10.12 am.