Citaglobal acquires 60% stake in Spectra Suria and 40% in Nova Reeco

From left: Nova Spectra Energy Sdn Bhd chairman Nik Ahmad Huznee Nik Hussain, Citaglobal Bhd executive chairman and president Tan Sri Mohamad Norza Zakaria and Citaglobal energy division executive director Aimi Aizal Nasharuddin.

KUALA LUMPUR: Citaglobal Bhd is acquiring a 60% stake in registered solar photovoltaic provider Spectra Suria Sdn Bhd for RM2mil cash and a 40% stake in registered solar photovoltaic investor company Nova Reeco Sdn Bhd for RM3mil cash.

Spectra Suria and Nova Reeco are securing projects from a variety of government departments and quasi-government agencies. Both acquisitions come with an orderbook of RM268mil, boosting Citaglobal’s total orderbook will be boosted to RM1.27bil and above.