GCap buys remaining stake in Perak Hydro

Upon completion of this exercise, Perak MB Inc may emerge as a substantial shareholder in GCap.

KUALA LUMPUR: G Capital Bhd (GCap) has signed a term sheet with MB Inc (Perak) for the proposed acquisition of the remaining 40% stake in Perak Hydro Renewable Energy Corp Sdn Bhd that it does not currently own.

In a statement, GCap said the purchase consideration will potentially be satisfied via a combination of RM50mil of new ordinary shares in GCap and the remaining balance via the issuance of redeemable and convertible preference shares (RCPS) at an issue price of RM0.50 per RCPS.