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KUALA LUMPUR (March 1): Uzma Bhd is acquiring stakes in two renewable energy (RE) companies for RM5.39 million in an attempt to enter the renewable energy sector with a primary focus on solar energy.
In a filing filed today, Uzma said that it has entered into a conditional stock sale agreement with Mohd Syahrul Nizar Abdul Ghani to acquire a 49% stake in Suria Infiniti Sdn Bhd and a 100% stake in Mahendran Surya Innovations Sdn Bhd.
Suria Infiniti specializes in RE and energy efficiency “through solar photovoltaic and wind systems, energy efficiency products and sustainability reports by establishing the necessary frameworks, as well as monitoring and reporting the carbon footprint,” said Uzma.
“The acquisition represents an excellent opportunity for Uzma to enter the renewable energy sector with an established engineering, procurement, construction and commissioning contractor to capitalize on opportunities within the solar value chain that includes net energy metering (NEM ), large-scale solar projects and other service portfolios within the renewable energy market, “said Uzma.
The oil and gas services group has pondered entering the renewable energy space since late 2019, considering projects under Large Scale Solar 4 (LSS4) that were opened for tender late last year, as well as opportunities amidst the much of the NEM quota that was not used. .
Uzma’s share price closed higher at 74.5 sen, valuing the group at RM 238.42 million. So far this year, the meter has increased by 33.04%.
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