KINERGY Advancement Bhd has completed the acquisition of Matahari Suria Sdn Bhd (MSSB) via its wholly-owned subsidiary, KAB Energy Holdings Sdn Bhd.
The acquisition was completed for a purchase consideration of RM5.3 million, marking another milestone in the expansion of KAB’s sustainable energy solutions (SES) segment’s portfolio.
MSSB is the owner of a solar PV system installed on the rooftop of Universiti Teknologi Malaysia Kuala Lumpur and holds an ongoing renewable energy power purchase agreement with Tenaga Nasional Berhad (TNB) under a feed-in tariff concession that extends until 2037.
“By completing the acquisition of MSSB, we have further expanded our solar PV portfolio in line with the growth strategy of our SES segment.
“The acquisition is anticipated to contribute positively to KAB’s financial performance until 2037,” KAB executive deputy chairman cum group MD Datuk Lai Keng Onn said in a statement today.
Given the government’s ambitious target of increasing the renewable energy (RE) capacity by 70% by 2050, Lai noted the significant potential for expansion within the SES segment.
He further emphasised KAB’s commitment to identifying additional opportunities in solar PV and other renewable sources to accelerate the growth of their SES segment, thereby enhancing their long-term earnings profile. — TMR