News

Reservoir Link gets shareholders nod to buy 51 pct of Founder Energy

KUALA LUMPUR, Aug 11 -- Upstream oil and gas well related services provider, Reservoir Link Energy Bhd has received shareholders’ approval to acquire a 51 per cent stake in Founder Energy Sdn Bhd (FESB) from for RM21.2 million.

Reservoir Link has also obtained the approval to diversify its business into renewable energy related businesses.

“The RM21.2 million purchase consideration will be satisfied through a combination of cash of RM8.46 million and issuance of 18.15 million shares in two tranches, at an issue price of 70 sen per share to Lee Seng Chi, the sole shareholder and director of FESB.

“With this acquisition, FESB and Solar Bina Sdn Bhd, in which Lee is also the sole shareholder, will enter into an agreement to transfer the identified business and assets from Solar Bina into FESB for an agreed sum to be based on the net asset value determined at a specific date,” it said in a statement released after its virtual Meeting of Members held today.

Reservoir Link executive director Thien Chiet Chai said the proposed diversification, which will include renewable energy business and related activities, in turn is expected to contribute more than 25 per cent of the Group’s net profit, moving forward.

 “This acquisition is a big step for us towards the vision to be a true energy company.

“As a result of the acquisition, Reservoir Link will be guaranteed a profit of RM13.8 million over the next two years,” he said, adding the acquisition would be another income stream for the group.

Thien added the company intended to secure potential projects from solar engineering, procurement, construction and commissioning players.

-- BERNAMA

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