ILB Group to purchase solar assets totalling RM98mil

PETALING JAYA: IL Energy Sdn Bhd (ILE), a wholly-owned subsidiary of ILB Group Bhd, has agreed to purchase all of Armani Sinar Sdn Bhd and the solar assets of Armani Energy Sdn Bhd, for a combined total consideration of RM98mil.

The agreement with Armani Sinar, worth RM30mil to buy one million ordinary shares, was made between ILE and Andy Woo Weng Kok, while the second deal was for the acquisition of a solar photovoltaic energy generating system for a sum of RM68mil.

Woo also holds 39% of Armani Energy.

Both the purchases would be financed through a combination of internally generated funds and bank borrowings, the proportion of which will be determined by ILB Group at a later date.

In a Bursa Malaysia statement, the group said the acquisitions are in line with its diversification into the renewable energy sector that began in 2017, and that the buyout of Armani Sinar is a strategic move for ILB Group to increase market shares and operational capabilities.

It said the second acquisition will increase the total solar assets owned and managed by the company from approximately 13 megawatts peak (MWp) to 30 MWp and the expansion is expected to yield substantial benefits, including enhanced revenue and profitability generation.