In a release to the Malaysia stock exchange, Ranhill announces its subsidiary Ranhill Capita Sdn Bhd has acquired 187 million ordinary shares in Tawau Green Energy last week. This translates into a 26.7% stake in the company at an acquisition cost of
Ranhill acquires 26.7% stake in Tawau Green Energy for RM18.7 million ($4.5 million)
Tawau Green Energy (TGE) is principally involved in the design, construct, own, operate and maintain a renewal energy power plant for the purpose of selling electrical energy to Sabah Electrical Sdn. Bhd. TGE has received requisite approvals to develop a 37 MW geothermal power plant at Apas Kiri, Tawau, Sabah.
“The RM18.7mil consideration was based on RM1 per share on a willing-buyer willing-seller basis. The acquisition was funded by internally generated funds,” Ranhill said.
The other shareholders of TGE are Kamarul Kamil (24.3%), Ramzi Sarofim Kozhya Raad (40%) and Exergy S.P.A (9%).
Source: The Star Online
