KUALA LUMPUR (Feb 19): The new controlling shareholders of Pimpinan Ehsan Bhd (PEB), formerly known as Triplc Bhd, are planning to turn the cash-rich company into a renewable energy player.

According to a bourse filing today, PEB said it has entered into heads of agreements (HOAs) with reNIKOLA Sdn Bhd and its owners (vendors) namely Boumhidi Abdelali and Tengku Zaiton Sultan Abu Bakar to acquire reNIKOLA via the issuance of new shares at a price to be revealed later.

It said reNIKOLA group of companies is principally involved in renewable energy generation and will have a combined portfolio of approximately 418-megawatt peak (MWp) capacity of solar assets upon completion, across four sites in Kedah, Pahang and Perlis.

The directors of reNIKOLA are Tengku Zaiton Sultan Abu Bakar, Boumhidi Abdelali, Lim Beng Guan, Syazwani Ismail and Jamaliyah Mohamed Kamil.

"Total purchase consideration will be determined at a later date, and shall be satisfied via issuance of new PEB shares at an issue price of RM1.07 per share. Both PEB and the vendors endeavor to enter into a definitive share sale agreement for the acquisition in due course," said the group.

Presently, PEB noted that it is a cash-rich company without any core business.

As at Sept 30, 2020, it had a cash pile of RM70.32 million.

It said the proposed acquisition is to regularise its condition as a cash company as well as enabling the existing shareholders to participate in the new business of renewable energy with positive prospects.

"The acquisition is subject to approvals from the Securities Commission Malaysia, Bursa Malaysia Securities Bhd (Bursa Securities), Energy Commission, Tenaga Nasional Bhd and shareholders of PEB at an extraordinary general meeting to be convened," said PEB.

Its executive chairman Tan Sri Rozali Ismail commented that the acquisition is a strategic move for the company's regularisation plan as it enables PEB the access to the fast-growing renewable energy sector and its sizable portfolio of solar assets.

"We are excited to welcome the new era of PEB as we leap forward to a much greener tomorrow.

"We believe this new business will fuel growth and contribute sustainable recurring earning streams to the company," he said.

Besides, PEB also announced that it has received notice of unconditional mandatory takeover offer from Pitahaya (M) Sdn Bhd after Pitahaya together with the parties acting in concert with the company acquired a total of 45.29 million shares, representing approximately 65.5% of the equity interest in PEB.

It said Lim Beng Guan is deemed as the ultimate offeror.

The group noted Pitahaya is offering RM1.07 per share in PEB, to be satisfied entirely in cash, representing the highest price paid by Pitahaya for the purchase of the PEB shares.

Pitahaya intends to maintain the listing status of PEB on the Main Market of Bursa Securities, it added.

PEB shares were last traded at 15 sen or 15% higher at RM1.15, valuing the group at RM79.49 million. Some 4.18 million shares changed hands.

Trading of PEB's shares will resume with effect from 9am next Monday.