KUALA LUMPUR: Minetech Resources Bhd, Malaysia’s largest aggregate mining conglomerate, plans to broaden its horizon into renewable energy (RE) and the oil and gas (O&G) sectors.

       In a virtual EGM yesterday, company shareholders approved Minetech’s resolution on a proposed private placement, amendments to its constitution, reduction of share capital to fund the business expansion, as well as diversifications into the new sectors.

       “Minetech is expected to raise proceeds amounting to RM85.1mil through the proposed private placement and irredeemable convertible preference shares (ICPS).

       “The approval of the proposed private placement and ICPS allow us to shift our gearing into the RE and O&G sectors, which we have identified as potential revenue generators that could potentially contribute 25% or more to our net profit, ” said its executive chairman Pengiran Datuk Awang Daud Awang Putera (pic) in a filing with Bursa Malaysia.

       In March, Minetech had been registered as a solar photovoltaic Investor with the Sustainable Energy Development Authority Malaysia (Seda).

       Under Seda’s Net Energy Metering Programme or NEM3.0, Minetech will be able to sell electricity to government agencies, businesses, as well as individuals. — Bernama