KUALA LUMPUR (June 30): NuEnergy Holdings Bhd (KL:NHB) has again extended the completion deadline for its RM68 million acquisition of solar assets from Armani Energy Sdn Bhd after two electricity supply contracts remained pending transfer for another three months.

The completion date has been pushed to Sept 30, 2026, from June 30, NuEnergy said in a filing with Bursa Malaysia on Tuesday.

The extension is needed to give the respective customers more time to finalise documents with the national electricity utility for the transfer, or novation, of the remaining contracts, it said.

NuEnergy said its board expects the latest extension to provide sufficient time to complete the transfer of the two Supply Agreement for Renewable Energy contracts, which govern the supply and billing of electricity generated by the solar systems.

The company had previously extended the deadline to June 30 after successfully transferring one of three outstanding contracts. However, the remaining two have seen no further progress since the end of March.

The acquisition is being undertaken by NuEnergy’s wholly-owned subsidiary IL Energy Sdn Bhd.

The RM68 million purchase forms part of a broader RM98 million deal first announced in July 2024, which also included the RM30 million acquisition of the entire equity interest in Armani Sinar Sdn Bhd.

The Armani Sinar acquisition has since been completed while the purchase of Armani Energy’s solar assets remains outstanding.

For the quarter ended March 31, 2026, NuEnergy’s net profit more than doubled to RM6.62 million from RM2.79 million a year earlier while revenue surged to RM107.88 million from RM5.29 million.

All other terms of the sale and purchase agreement remain unchanged, NuEnergy said.