PETALING JAYA: PLB Engineering Berhad
(PLB), via its subsidiary PLB Terang Sdn Bhd (PLBTSB) had signed a share sale agreement to dispose of its 60% stake in PLB Green Solar Sdn Bhd (PLBGS).
The agreement was inked with proposed purchaser Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd and Greenviro Solutions Sdn Bhd (GSSB), who currently own 40% of PLBGS for a total consideration of RM33mil, to be satisfied entirely in cash.
PLB’s 60% equity in PLBGS is held via 85.71%-owned unit PLBTSB.
In a statement to Bursa Malaysia, PLB said the consideration was negotiated and arrived at after taking into consideration the audited net assets of PLBGS Aug 2023 of RM2.24mil.
The purchase price represents a premium of RM 30.75mil or 1,370.34% to the audited net assets of PLBGS after Koperasi conducted their own due diligence exercise on the project’s cash flow projection.
The proposed disposal marks the exit by PLB from the business of provision of solar energy services to enable PLB to realign its strategies and focus on property development.
