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PRG's unit to acquire 37.25 pct of Singaporean energy services company

KUALA LUMPUR, Nov 2 -- PRG Holdings Bhd’s 54.19 per cent-owned subsidiary, Furniweb Holdings Ltd, has entered into a Sale and Purchase Agreement with Energy Solution Global Ltd (ESGL)  to acquire 37.25 per cent of the latter’s issued and paid-up capital for approximately RM5.11 million.

Through the acquisition, PRG Group is making its first foray into the energy efficiency industry, in line with the global push for sustainability through environmental, social and corporate governance (ESG) efforts, it said in a statement today.

“ESGL’s wholly-owned subsidiary, Measurement & Verification Pte Ltd and Measurement & Verification Sdn Bhd (collectively known as M&V) will be able to leverage both PRG and Furniweb’s listing status as a platform for regional expansion opportunities both organically and inorganically.

“Collectively, both parties would be able to collaborate in scaling business opportunities in energy efficiency and resource efficiency projects,” PRG said.

The company said the acquisition will contribute positively to the future earnings of PRG Group.

-- BERNAMA

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