Minetech expands into renewable energy, O&G

“The approval of the proposed private placement and ICPS allow us to shift our gearing into the RE and O&G sectors, which we have identified as potential revenue generators that could potentially contribute 25% or more to our net profit, ” said its executive chairman Pengiran Datuk Awang Daud Awang Putera (pic) in a filing with Bursa Malaysia.

KUALA LUMPUR: Minetech Resources Bhd, Malaysia’s largest aggregate mining conglomerate, plans to broaden its horizon into renewable energy (RE) and the oil and gas (O&G) sectors.

In a virtual EGM yesterday, company shareholders approved Minetech’s resolution on a proposed private placement, amendments to its constitution, reduction of share capital to fund the business expansion, as well as diversifications into the new sectors.