KULIM: UEM Lestra Bhd, a wholly owned subsidiary and the green industry arm of UEM Group Bhd, has acquired a 51 per cent stake in the independent power utility (IPU) company NUR Power Sdn Bhd.
UEM Lestra's chief executive officer Harman Faiz Habib Muhamad said the strategic involvement of UEM Lestra as a government-linked company through this majority stake is driven by the potential for substantial value creation leveraging NUR’s established operational strengths, which offer vast opportunities for future expansion.
"This acquisition of a majority stake in NUR Power is a pivotal element of UEM Lestra’s RM1.5 billion pledge to be deployed over the next 24 months to advance the decarbonisation of industrial parks in Malaysia.
"This commitment aligns with UEM Group’s domestic investment agenda, which aims to create new job opportunities and attract more foreign investment into the country,” he said in a statement.
He emphasised UEM Lestra is committed to continuously enhance the capabilities and broaden the horizons of local companies such as NUR Power.
"We will work with them to spearhead more comprehensive industrial decarbonisation efforts, beginning with Kulim Hi-Tech Park (KHTP) before expanding these initiatives to other industrial parks in Malaysia," he said.
NUR Power managing director Ikwan Hafiz Jamaludin emphasised the company’s unwavering commitment to provide high-quality, stable and reliable electrical power.
NUR Power’s distributed generation model has attracted investments exceeding RM176.7 billion at KHTP.
NUR Power is dedicated to continuously expand its generation capacity to meet the electricity demand at KHTP, ensuring that power quality is maintained in accordance with MS 61000-4-34 standards, as required by customers, particularly in high-tech industries.
Earlier, the exchange of agreement documents between NUR Power and UEM Lestra was witnessed by Deputy Prime Minister Datuk Seri Fadillah Yusof and Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor. - Bernama
