KUALA LUMPUR (Aug 18): Solar energy firm NuEnergy Holdings Bhd (KL:NHB), formerly ILB Group Bhd, has received a conditional voluntary takeover offer from its single largest shareholder, fertiliser group Agrobulk Holdings Sdn Bhd, for the company’s remaining shares, at 60 sen a share.
Agrobulk intends to acquire the remaining 130.59 million shares or 69.13% stake in NuEnergy, according to the takeover offer notice filed by Kenanga Investment Bank Bhd on Agrobulk’s behalf.
The group currently holds 58.31 million shares or a 30.87% stake in the company.
Back-of-the-envelope calculations show the offer price of 60 sen per share valuing the offer at RM78.35 million.
The 60 sen offer price is 20% higher than NuEnergy’s five-day average price of 50 sen, and 29.03% higher than its six-month average of 46.5 sen.
Agrobulk intends to maintain NuEnergy’s listing on the Main Market of Bursa Malaysia, the notice added.
According to the notice, Agrobulk is 61.42%-owned by Tang & Co Sdn Bhd, which is in turn majority-owned by Lee May Lin.
Other substantial shareholders of Agrobulk comprise KTC Brothers Holdings Sdn Bhd, with an 11.05% stake in Agrobulk, followed by Loo Joo Aun with 7.31% and Tan Chai Swan with 6.04%.
Agrobulk emerged as a substantial shareholder in NuEnergy Holdings in November 2023 after it purchased an 8.999 interest in the company from Etern Group (HK) Co Ltd.
In February 2024, Agrobulk unit Agromate Holdings Sdn Bhd’s chief executive officer Edward Tang Ming Yng was named executive chairman of NuEnergy. His brother Tan Weihann is chief executive officer of the company.
Its second largest shareholder is BT Investment Capital Ltd, domiciled in the British Virgin Islands.
Shares in NuEnergy were untraded on Monday. It last traded on Friday, when it closed at 50 sen, valuing the company at RM97.51 million.