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Pimpinan Ehsan acquires renewable energy company for RM373 mln

KUALA LUMPUR, May 24  -- Pimpinan Ehsan Bhd (PEB) is acquiring the entire equity interest in renewable energy firm reNIKOLA Holdings Sdn Bhd for RM373 million, to be satisfied by issuing new PEB shares at RM1.07 each.

In a statement, the cash company said it today inked a conditional agreement with the vendors -- reNIKOLA Sdn Bhd (reNIKOLA), reNIKOLA managing director Boumhidi Abdelali and Tengku Zaiton Ibni Sultan Abu Bakar -- for the proposed acquisition.

PEB said the agreement was entered into pursuant to the heads of agreement inked earlier on Feb 19, 2021.

"The exercise is expected to be completed by the first quarter of 2022," it said.

PEB executive director Lim Beng Guan said the proposed acquisition would provide the company an immediate entry point into the renewable energy industry given the expansive track record and large-scale solar assets.

“On the completion of the exercise, our focus would be to chart the next phase of growth with a brand-new identity for PEB.

"Our goal is to own and operate one gigawatt of renewable energy assets in the foreseeable future," he said.

Lim said to reflect PEB's seriousness and focus, it had also assembled a new board of directors comprising industry experts in the fields of energy, financing, as well as environmental, social and governance (ESG) aspect.

“With ESG being an integral part of our core values at PEB, the board has put in place a sustainability committee, led by our independent director Yasmin Rasyid, who has 20 years of experience and knowledge in environmental management, community development, strategic partnerships for sustainability and social responsibility in Malaysia," he added.

-- BERNAMA

 

 

 

 

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