KPower proposes name change to Reneuco

KUALA LUMPUR (April 21): KPower Bhd has proposed to change its name to Reneuco Bhd, its Bursa Malaysia filing showed on Thursday (April 21).

In a filing, KPower said the proposed change in corporate identity is in line with the Group’s rebranding, restructuring and recapitalisation efforts of KPower in undertaking transformation and growth.

The proposed name change is to “further emphasize its rebirth and renewal, its heightened focus in the renewable, sustainable and green segment and its leadership shift and continuity from the former management”, KPower said.

According to the group, the proposed name, Reneuco, has been approved by the Companies Commission of Malaysia (CCM) on April 18, 2022 for a period of 180 days.

It would be the second name change for the company in two years.

KPower changed to its present name from Kumpulan Powernet Bhd in December 2020, following the emergence of major shareholder Datuk Mohd Abdul Karim Abdullah.

Mohd Karim, who is also the group managing director and CEO of Serba Dinamik Holdings Bhd, emerged as the largest shareholder in Kumpulan Powernet with 53.38% stake in November 2019, following a takeover offer at RM1 per share.

However, he resigned as chairman in Dec 2021 and ceased to be a substantial shareholder in January 2022.

With Abdul Karim’s exit, KPower’s largest shareholder is now Mustakim Mat Nun with 7.5% stake, who was redesignated as executive chairman on March 31. Another substantial shareholder is Grand Deal Vision Sdn Bhd with 7.31% stake.

Separately, KPower redesignated Amirul Afif Abd Aziz as its group CEO, also on March 31.

“Encik Amirul Afif bin Abd Aziz has more than 20 years of experience in corporate and investment banking, particularly in Islamic finance, privatisation projects / project financing, corporate fundraising, group restructuring, as well as mergers and acquisitions.

“He began his career in Cagamas Bhd and has held key various positions in Bumiwerks Capital Management Sdn Bhd, Kuwait Finance House (Malaysia) Bhd, Maybank Investment Bank Bhd, Binafikir Sdn Bhd, Amanie Advisors LLC (UAE), FCA Capital Sdn Bhd and Mirmas Holding Sdn Bhd,” KPower's filing said.

Shares in KPower closed five sen or 0.94% higher to 53.5 sen on Thursday, giving it a market capitalisation of RM290.40 million. Year-to-date, the counter has risen by 27.38%.