KUALA LUMPUR: Pimpinan Ehsan Bhd (PEB) has entered into a second supplemental and restated share sale agreement (supplemental SSA II) with B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Sultan Abu Bakar on the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries.

       In the supplemental SSA II, PEB, among others, has agreed to acquire two additional solar power assets located in Kuala Muda, Kedah and Machang, Kelantan along with the parcels of land where the assets sit on.

       "The Kuala Muda solar power plant has a capacity of 45 megawatt peak (MWp) and achieved commercial operation on March 22, 2022, while the Machang solar power plant has similar capacity of 45 MWp with expected commercial operation by the third quarter of 2022,” said PEB in a statement today.

       Under the new development, PEB’s acquisition plan would include the purchase of four solar power plants in Arau, Gebeng, Pekan and Kuala Muda with aggregate capacity of 133 MWp along with the parcel of land where the Kuala Muda solar asset sits.

       This will include three supporting companies (Group Companies A) involved in provision of repair, maintenance and operations of solar power plants, said PEB.

       "The purchase consideration for Group Companies A will be RM325.5 million to be satisfied via the issuance of 152.6 million new PEB shares to reNIKOLA Sdn Bhd. as well as 124.8 million new PEB shares to B.Grimm,” it added.

       The group said it would also acquire 51 per cent interest in the BKH solar plant, which is currently under the planning phase with a proposed capacity of 330 MWp and the Machang solar power plant of 45 MWp plus the land it sits on for RM231.9 million.

       The acquisition would be satisfied via the issuance of 214.5 million PEB shares. In addition, B.Grimm shall inject RM214.5 million cash into reNIKOLA Holdings and, in return, receive 166.7 million PEB shares, it added.

       PEB said barring any unforeseen circumstances, the proposed regularisation plan is expected to be completed by end-2022, while the remaining proposals are estimated to be completed by the first quarter of 2023.

       It added that the proposals are subject to approvals from the Securities Commission, Bursa Malaysia, the Ministry of International Trade and Industry, Minister of Energy and Natural Resources, Energy Commission and Tenaga Nasional Bhd as well as PEB shareholders at an extraordinary general meeting. - Bernama