PETALING JAYA: PLB Engineering Bhd
(PLB), via its subsidiary PLB Terang Sdn Bhd (PLBTSB), has signed a share sale agreement to dispose of its 60% stake in PLB Green Solar Sdn Bhd (PLBGS).
The deal was inked with proposed purchaser Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd and Greenviro Solutions Sdn Bhd, which currently own 40% in 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 filing with Bursa Malaysia, PLB said the consideration was arrived at after taking into consideration the audited net assets of PLBGS in August 2023 of RM2.24mil.
The purchase price represented a premium of RM 30.75mil to the audited net assets of PLBGS after Koperasi conducted its own due diligence exercise.
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.
