Gamuda to expedite renewable energy ops

Gamuda said it has agreed to buy 4.29 million shares, or a 30% stake, in ERS Energy for RM200mil cash.

PETALING JAYA: Gamuda Bhd expects to fast track its renewable energy (RE) business with the proposed acquisition of a 30% stake in ERS Energy Sdn Bhd.

In a filing with Bursa Malaysia yesterday, the engineering and construction company announced it had entered into a subscription and shareholders agreement with ERS Energy for the subscription of 4.29 million new ordinary shares worth RM200mil in cash.