Pitahaya concludes Pimpinan Ehsan's MGO

KUALA LUMPUR: Pitahaya (M) Sdn Bhd has concluded the mandatory general offer (MGO) of Pimpinan Ehsan Bhd (PEB), receiving 1,840 additional shares.

In a filing with Bursa Malaysia, PEB said Pitahaya received total acceptances for 1,840 shares( including 430 subject to verification).

Post MGO, Pitahaya’s shareholding in PEB remains substantially the same at 37.4%.

To recap, Pitahaya and its parties acting in concert(PACs) has on Feb 19 acquired a total of 45.28 million shares, representing 65.5% of the equity interest in PEB, for a total RM45.8mil cash, triggering an unconditional MGO.

reNIKOLA Sdb Bhd director Lim Beng Guan who on Feb 25, had been appointed onto the board of directors of PEB as an executive director, is deemed the ultimate offeror in the exercise.

PEB has also entered into a heads of agreement with renewable energy company, reNIKOLA, as well as Boumhidi Abdelali and Tengku Zaiton Ibni Sultan Abu Bakar for the acquisition of the entire stake in reNIKOLA on Feb 19.

Lim said the company took pride in the low acceptance rate of the MGO as it reflected minority shareholders confidence in the transformation plan of PEB.

“As for us, we are very excited with the opportunities that lie ahead of us. There is a series of activities lined up, keeping us very busy.

“There will be changes to the current board as we inject in fresh talents, including talents related to environmental, social and governance aspects.

“This is an area that is of utmost importance and emphasis to us, being a responsible corporate citizen playing our necessary role towards ensuring our children have a sustainable tomorrow.”

With the conclusion of the MGO, Lim said PEB can now fully concentrate on the signing of the definitive share sale agreement for the proposed acquisition of the solar assets.

“We endeavour to sign the agreement by end of next month. Besides this, we are also working on a new corporate identity for PEB,” he added.

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Pimpinan Ehsan , reNIKOLA , Pitahaya , MGO


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