KUALA LUMPUR: Singapore-based PK Green Fund has emerged as a substantial shareholder of Jentayu Sustainables Bhd
(JSB) after acquiring a 9.018% stake in the company.
In a filing with Bursa Malaysia, the renewable energy company said it received a notice dated July 1 from the fund notifying the company that it had become a substantial shareholder pursuant to the Companies Act 2016 and Bursa Malaysia's Main Market Listing Requirements.
The fund acquired 49.1 million ordinary shares in JSB on June 30, representing about 9.018% of the company's issued share capital.
Prior to the acquisition, PK Green Fund did not hold any shares in JSB.
“The board welcomes the fund as a new institutional shareholder and views its investment as a positive endorsement of the company's strategic direction, particularly its transition towards a renewable energy-focused business and the continued development of its renewable energy project pipeline, including Project Oriole,” JSB said.
It added that the fund also indicated its intention to engage constructively with the board and management on matters relating to the company's strategy, corporate governance and sustainability initiatives.
“In addition, the fund has advised that it may, in due course, seek representation on the board, subject to the company's nomination procedures, corporate governance framework and all applicable regulatory requirements,” JSB said.
PK Green Fund is a Singapore-domiciled investment fund focused on environmental and social impact sectors across emerging markets, including renewable energy.
A separate filing showed that the block of shares was disposed of via an off-market transaction by Datin Nurhaida Abu Sahid, the spouse of group managing director Datuk Beroz Nikmal Mirdin, at 20 sen per share.
The disposal reduced Beroz's deemed indirect interest in the company to 22 million shares, or 4.041%, while his direct interest remained unchanged at 20.89 million shares, or 3.837%.
