KUALA LUMPUR (March 13): Pimpinan Ehsan Bhd has added to its regularisation plan by entering into a third supplemental agreement in relation to the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries, to include the purchase of an additional renewable energy (RE) asset for RM13.9 million.

The cash company said it entered into the agreement with the vendors — B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Ibni Sultan Abu Bakar — on Monday (March 13) for the proposed acquisition of Idiwan Solar, which operates a solar photovoltaic power generation project in Machang, Kelantan.

The solar plant has an aggregate capacity of approximately 45 megawatts direct-current (MWdc) and achieved initial operation in January 2023.

“With these changes, Pimpinan Ehsan’s proposed regularisation plan now will include five solar assets instead of the earlier four.

“These assets are located in Arau, Perlis; Gebeng, Pahang; Pekan, Pahang; Kuala Muda, Kedah; and the latest in Machang, Kelantan,” it said, adding that all five are in commercial operation, with an aggregate solar generating capacity of about 178 MWdc.

The company continued that it will also acquire three entities which own the parcels of land on which the RE assets sit, as well as several newly incorporated subsidiaries of reNIKOLA, which are all intended to venture into the RE business.

With the additional acquisition of Idiwan Solar, the total purchase consideration for the RE assets under its proposed regularisation plan totals RM339.4 million, to be satisfied via the issuance of 144.9 million new shares at an issue price of RM1.07 per share, and 143.3 million new shares at RM1.2867 apiece.

Pimpinan Ehsan noted that the regularisation plan would see B.Grimm Power emerge as a substantial shareholder in Pimpinan Ehsan. B.Grimm Power is a wholly owned subsidiary of Thailand-listed B.Grimm Power Public Co Ltd with a market capitalisation of 105.6 billion baht (RM13.5 billion).