KUALA LUMPUR: The new controlling shareholders in Pimpinan Ehsan Bhd (PEB) are planning to turn the cash company into a pure-play renewable energy asset owner and operator.
In a filing with Bursa Malaysia yesterday, PEB said it has entered into heads of agreements (HoAs) with reNikola Sdn Bhd and its owners to acquire the company the issuance of new shares.
reNIKOLA group of companies are principally involved in renewable energy generation and will have a combined portfolio of approximately 418 megawatt peak (MWp) capacity of solar assets upon completion, across 4 sites in Kedah, Pahang and Perlis.
“The total purchase consideration that will be determined at a later date, and shall be satisfied via issuance of new PEB Shares at an issue price of RM1.07 per Share, ” it said.
Presently, PEB is a cash company without any core business. As at Sept 30, it has total cash of RM70.32mil.
The proposed acquisition is the company’s plan to regularise its condition as a cash company and enabling existing shareholders to participate in the new business of renewable energy.
The acquisition is subject to approvals from the Securities Commission, Bursa Malaysia Securities Bhd, Energy Commission, Tenaga Nasional Bhd and shareholders of PEB at an extraordinary general meeting to be convened.
Meanwhile, PEB has also announced that it has received notice of unconditional mandatory take-over offer from Pitahaya (M) Sdn Bhd.
This is after Pitahaya together with the parties acting in concert with the company acquired a total of 45.29 million shares representing approximately 65.5% of the equity interest in PEB. Lim Beng Guan is deemed as the ultimate offeror.
Pitahaya is offering RM1.07 per ordinary share in PEB, to be satisfied entirely in cash, Pitahaya intends to maintain the listing status of PEB on the Main Market of Bursa Securities.