KAB acquires 47.5% equity in IPP firm

KAB executive deputy chairman and group managing director Datuk Lai Keng Onn

KUALA LUMPUR: Kinergy Advancement Bhd (KAB) has acquired a 47.5% stake in indendent power producer Jati Cekerawala Sdn Bhd, a wholly-owned subsidiary of Pesaka Ventures Sdn Bhd, for RM35mil.

KAB said in a statement it will assume the role as one of the project developers, alongside other stakeholders, in driving the repowering of a 650MW power plant.