KUALA LUMPUR (Dec 24): NuEnergy Holdings Bhd (KL:NHB) said it is disposing of its 50% stake in warehousing services provider Integrated Mits Sdn Bhd for RM24.5 million, a move that is expected to generate a gain of RM10.16 million.

The sale is in line with its strategy to divest non-core assets and focus on the renewable energy industry, said NuEnergy in a bourse filing on Wednesday.

The sale proceeds will be used for potential renewable energy engineering, procurement, construction and commissioning projects, as well as battery energy storage systems, the group said.

The buyer is Mitsui-Soko International Pte Ltd, which currently owns the other 50% interest in Integrated Mits. The Singapore-based logistics and warehousing company is part of Japan’s Mitsui-Soko Group.

NuEnergy said the disposal consideration was arrived at on a willing-buyer willing-seller basis and represents a 27.88% premium over Integrated Mits’ net asset value as at end-2024.

The group originally invested in Integrated Mits in September 1989 at a cost of RM9.51 million.

NuEnergy said the disposal does not require regulatory or shareholder approval and is expected to be completed in the first quarter of 2026.

Shares of NuEnergy closed down 3.5 sen or 5.5% to 60.5 sen on Wednesday, valuing the group at RM118 million. Year to date, the stock has gained 22.2%.