KUALA LUMPUR: Pimpinan Ehsan Bhd’s (PEB) shares hit limit-up after announcing plans to turn into a pure-play renewable energy asset owner and operator.
The counter jumped 29.57%, or 34 sen to RM1.49, its highest since June 2018.
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.
PEB said 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.
Meanwhile, PEB has also announced that it has received notice of unconditional mandatory take-over offer from Pitahaya (M) Sdn Bhd.