KUALA LUMPUR (Sep 2): Jentayu Sustainables Bhd (KL:JSB) said it has applied to the Securities Commission Malaysia for an extension of time of up to March 26, 2025 to complete its acquisition of three companies proposed in 2021.

Jentayu, in a bourse filing on Monday, did not state any reason for seeking the time extension.

The three companies include Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd, which own and operate the 40MW Telekosang Hydro power plant project in Sabah.

The third company is Jentayu Solar Sdn Bhd, which owns and operates a 5.99MW solar power plant in Pokok Sena, Kedah.

The acquisitions are related-party transactions as all three companies are owned by Jentayu executive chairman Datuk Beroz Nikmal Mirdin and his wife, Datin Nurhaida Abu Sahid, who is the daughter of Maju Group executive chairman and former major shareholder of Jentayu, Tan Sri Abu Sahid Mohamed, when it was known as Ipmuda Bhd.

With the acquisition of the power plants, Jentayu aimed to be a pure renewable energy play.

On March 29, Jentayu said it received key approval with conditions from the SC to proceed with the acquisitions. The approval paved the way for the group to secure shareholders' approval via an extraordinary general meeting (EGM).

The fulfilment date to satisfy the conditions precedent under these agreements were set for Sept 30, 2024.

A quick check on Bursa announcements, however, showed that Jentayu had not made any notice for an EGM. 

In the past year, Jentayu had made at least two private placements, raising a total of up to RM110.03 million, to fund its pre-development expenditures, new projects and working capital.

The completion of the private placements was the reason that Jentayu gave to Bursa when it was hit with an unusual market activity query from the regulator in January.

Jentayu's shares hit its limit down for several trading days during the month, prompting Bursa to suspend the counter’s intraday short-selling and freeze the lower limit share price at 50 sen, its lowest in 16 months at the time. 

The green energy solutions provider at the time assured that the selling wave did not accurately reflect the company's underlying fundamentals, arguing that the price fluctuations were short-term in nature.

On Monday, shares of Jentayu closed up 0.5 sen or 0.77% to 65.5 sen for a market capitalisation of RM291.44 million.