PETALING JAYA: Solarvest Holdings Bhd
is acquiring a 22% stake in ACE-Market listed Solar District Cooling Group Bhd (SDCG) for RM41.96mil.
In a filing with Bursa Malaysia, the solar engineering, procurement, construction and commissioning firm said it acquired the stake in SDCG from Kong Kam Onn and Liuk Ing Hong.
Kong is a promoter, substantial shareholder and managing director of SDCG, while Liuk is a promoter, substantial shareholder and executive director of SDCG.
Solarvest said SDCG is principally involved in the provision and maintenance of building management systems; solar thermal system, other systems and equipment, and other energy services; and mechanical and electrical works, and project management services.
“The acquisition represents a strategic opportunity for Solarvest to gain a foothold in the solar thermal systems and energy-saving services, as SDCG’s established businesses are expected to create operational and commercial synergies, including the potential for integrated energy solutions and cross-selling opportunities.”
