This was announced by the Malaysia-based investment holding company ILB Group Berhad plans to acquire Armani Sinar Sdn Bhd and its solar assets through his company for MYR 98 million full ownership subsidiary, IL Energy Sdn Bhd (ILE).
According to proposals filed with the Bursa Malaysia Stock Exchange, ILE plans to acquire a 100% stake in Armani Sinar through the purchase of 1 million ordinary shares for MYR30 million. The submit said the purchases will be financed through a combination of internal funds and bank loans, the share of which will be determined by ILB Group.
ILB Group, which diversified into the renewable energy sector in 2017, said the acquisition “represents a strategic step for the group to expand the market equity and operational capabilities.” It will provide ILB with access to Armani Sinar’s marketing and technical management team and expand ILB’s solar capacity from approximately 13 MW to 30 MW.
“This expansion is expected to deliver substantial benefits, including increased revenue and profitability,” the company said in the Bursa Malaysia statement. It added that increasing solar power capacity could help the country capitalize on upcoming opportunities, including the fifth bidding cycle of the Malaysian government’s large-scale solar program.
The acquisition of Armani Sinar is expected to close in the last quarter of this year, while the acquisition of the solar assets is expected to close in the first quarter of next year.
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