KUALA LUMPUR (April 2): The mandatory general offer by Pitahaya (M) Sdn Bhd for shares in Pimpinan Ehsan Bhd (PEB) has concluded, with acceptance of only 1,840 shares or 0.003%.
Pitahaya had proposed to acquire the shares in PEB, formerly known as Triplc Bhd, at RM1.07 apiece. The counter closed at RM1.75 on the last day of the offer.
“We take pride in the low acceptance rate of the MGO, as it reflects minority shareholders’ confidence in the transformation plan of PEB,” said PEB executive director Lim Beng Guan in a statement.
“As for us, we are very excited with the opportunities that lie ahead of us. There is a series of activities lined up, keeping us very busy. There will be changes to the current board, as we inject in fresh talents including talents related to environmental, social and governance aspects, more popularly known as ESG.
“This is an area that is of utmost importance and emphasis to us, being a responsible corporate citizen, playing our necessary role towards ensuring our children have a sustainable tomorrow,” Lim said.
Investor interest sparked at PEB after the company’s proposed pivot into solar energy generation, particularly with the proposed acquisition of solar outfit reNIKOLA Sdn Bhd.
This was after Pitahaya and persons acting in concert acquired a 65.5% stake in PEB at RM1.07 per share or RM48.46 million, and proceeded with the MGO.
Lim said PEB expects to sign a share sale agreement for reNIKOLA’s acquisition next month.
reNIKOLA has an existing generation capacity of 43MWp. It also has another 45MWp generation that may come online this month, and is also planning to build a 330MWp plant. The company has set a generation capacity target of 1GW by 2025.
PEB had entered into a heads of agreement on Feb 19 with reNIKOLA and its vendors, reNIKOLA managing director Boumhidi Abdelali and Tengku Zaiton Sultan Abu Bakar.
