KUALA LUMPUR (May 27): Independent power producer YTL Power International Bhd (KL:YTLPOWR) and smaller rival Ranhill Utilities Bhd (KL:RANHILL) have both requested for their shares to be suspended from 9am on Tuesday, pending an announcement.
Trading in the structured warrants relating to Ranhill will also be suspended, according to separate filings on Bursa Malaysia on Monday.
YTL Power emerged as a substantial shareholder of Ranhill on Nov 1, 2023 after it acquired 243.33 million shares, equivalent to an 18.87% stake, from Cheval Infrastructure Fund LP.
Following the announcement, speculation was rife that YTL Power is eyeing a controlling stake in Ranhill, given the latter's exclusive rights to Johor's water supply and its exposure in the Sabah power sector
Ranhill is also actively seeking to expand its presence in the renewable energy (RE) sector through its soon-to-be-operational 50MW large-scale solar (LSS4) plant in Bidor, Perak.
Similarly, YTL Power is also building its presence in Johor and RE via the upcoming phase one of its 72MW data centre and its 500MW solar farm in Kulai, Johor.
YTL Power has also previously indicated interest to participate in RE exports to Singapore, pending finalisation of the RE export framework by the government.
For now, Ranhill chairman and chief executive Tan Sri Hamdan Mohamad holds the lion’s share of the group with a total direct and indirect shareholding of 31.42%.
Hamdan is the founder of Ranhill group and has been in control since it took over the listing status of Symphony House Bhd in December 2015.
According to Bloomberg, other substantial shareholders in Ranhill include United Overseas Bank Ltd, with a 9.09% stake, and Permodalan Darul Ta'zim Sdn Bhd, a wholly-owned company of the Johor state government, with a 9.07% stake.
At Monday's market close, shares of Ranhill were up 12 sen, or 8.28%, at RM1.57 for a market capitalisation of RM2.04 billion, while YTL Power rose one sen or 0.2% to RM4.96 for a market capitalisation of RM40.66 billion.