Malaysia-based investment holding company ILB Group Berhad has revealed plans to acquire Armani Sinar Sdn Bhd and its solar assets for MYR 98 million through its wholly owned subsidiary, IL Energy Sdn Bhd (ILE).
Under proposals filed with the Bursa Malaysia stock exchange, ILE is set to acquire a 100% stake in Armani Sinar through the purchase of 1 million ordinary shares for MYR 30 million. The filing said the purchases will be financed through a combination of internal funds and bank borrowings, the proportion of which will be determined by ILB Group.
ILB Group, which diversified into the renewable energy sector in 2017, said the acquisition “represents a strategic move for the group to increase market shares and operational capabilities.” It will grant ILB access to Armani Sinar’s marketing and technical management team and expand ILB’s solar asset capacity from about 13 MW to 30 MW.
“This expansion is expected to yield substantial benefits, including enhanced revenue and profitability generation,” the company said in the Bursa Malaysia statement. It added that a rising capacity of solar assets could help it capitalize on upcoming opportunities, including the fifth bidding cycle of the Malaysian government’s large-scale solar program.
The acquisition of Armani Sinar is expected to be completed by the final quarter of this year, while the acquisition of its solar assets is expected to be completed by the first quarter of next year.
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