KUALA LUMPUR (Sept 9): Pimpinan Ehsan Bhd (KL:PEB) will be delisted on Sept 14 after the shell company said it could not meet a deadline to submit a plan to revive itself.
The removal marks the final chapter for the company formerly known as TRIplc Bhd listed since 2018. Trading of Pimpinan Ehsan’s shares has been halted since Aug 21 after a decision to return cash to shareholders as the acquisition of renewable energy firm reNIKOLA Holdings Sdn Bhd collapsed.
Under a capital reduction and repayment exercise, shareholders will receive 91 sen per share, funded from roughly RM65 million held in a custodian account as at April 22, including accrued interest.
Pitahaya (M) Sdn Bhd, as the largest shareholder with a 37.4% stake, will receive about RM23.53 million, while director-linked shareholder Lim Beng Guan, who holds 9.36% and also sits on reNIKOLA’s board, will get RM5.89 million.
Pimpinan Ehsan has been classified as a cash-company status since 2018, following the RM210 million sale of its subsidiary TRIplc to Puncak Niaga Holdings Bhd (KL:PUNCAK). The company attempted to fix the status with a reverse takeover of reNIKOLA dated back to 2021.
The proposal was formalised in 2022 and expanded in 2023 but faced extended regulatory reviews. Bursa Malaysia granted a final extension to June 30 in January this year for Pimpinan Ehsan to submit the regularisation plan.
reNIKOLA’s had notified that it would not proceed with the deal given the looming deadline set by Bursa Malaysia for Pimpinan Ehsan to submit a regularisation plan. The board concluded it could not meet that deadline and determined that returning cash to shareholders was the better course.