Malaysia’s Kinergy Advancement Bhd (KAB) – formerly known as Kejuruteraan Asastera Bhd– an energy and engineering solutions provider, has announced that the group’s wholly owned subsidiary KAB Energy Holdings Sdn Bhd (KABEH) has completed the acquisition of the entire equity stake of Matahari Suria Sdn Bhd (MSSB). The purchase consideration is reported to be around RM5.3 million, thus, further expanding its sustainable energy solutions (SES) segment’s portfolio.
The firm informed that currently, MSSB is the owner of a solar PV system on the rooftop of Universiti Teknologi Malaysia Kuala Lumpur. In addition, it also has an ongoing renewable energy power purchase agreement to supply energy to Tenaga Nasional Bhd (TNB) under a feed-in tariff concession until 2037.
KAB’s Executive Deputy Chairman & Group Managing Director Datuk Lai Keng Onn said, “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.” He added, “With the government’s ambitious target of increasing the renewable energy (RE) capacity by 70% by 2050, it is an indication that there is significant potential for expansion in the SES segment.” “As we move forward, we will identify more opportunities in solar PV and other renewable sources to accelerate the growth of our SES segment and enhance our long-term earnings profile,” he said
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