KUALA LUMPUR, June 18 — Ipmuda Bhd has acquired equities in two renewable energy (RE) companies and a healthcare operator for a total transaction of RM192.4 million.
The group signed a heads of agreement to acquire 70 per cent equity shares and 100 per cent of the redeemable preference shares of Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd (collectively, Telekosang), as well as 100 per cent of the Telekosang Hydro One Asean Green Junior Sukuk for RM163.3 million.
Ipmuda, which is a building materials trader, said Telekosang is currently developing a 40 megawatt (MW) small hydropower plant in Tenom, Sabah, which would be the largest of its kind in Malaysia.
“Commercial operations are expected to take place at the end of 2021 with a power purchase agreement of 21 years with the Sabah Electricity Sdn Bhd,” the group said in a filing with Bursa Malaysia today.
Ipmuda also signed a heads of agreement to acquire the entire equity interest in the form of ordinary shares of Jentayu Solar Sdn Bhd for RM11.1 million.
Jentayu Solar owns and operates a 5.99 MW solar power plant in Pokok Sena, Kedah, with a concession period of 21 years, beginning October 2019.
Cementing its position in the healthcare sector, the group has signed a heads of agreement to acquire 100 per cent equity in Ultimate Forte Sdn Bhd, which operates Ohana Specialist Hospital in Seri Rampai, Kuala Lumpur, for up to RM18 million.
All transactions will be satisfied by way of issuance of new Ipmuda ordinary shares, the group said.
“The acquisitions enable the group to generate consistent profits and cash flow, hence, greatly improving its financial footing for the long term.
“This is further supported by the new leadership line-up with enhanced governance and expertise, particularly in RE and healthcare,” said Ipmuda’s chief executive officer Jeffri M. Yusup.
The group also announced the sale of 2.08 hectares of land in Section 13, Petaling Jaya to Pixel Valley Sdn Bhd for RM82 million, signifying a gain of RM65.2 million.
As a result, there will be an increase in the group’s net tangible asset per share from 49 sen to RM1.14 based on the June 30, 2020 audited accounts.
The group is proposing a bonus issue of 101.5 million shares on the basis of one bonus share for every one existing Ipmuda share together with 152.2 million free detachable warrants on the basis of three warrants for every two existing shares held.
Additionally, Ipmuda is also proposing a renounceable rights issue of 101.5 million rights shares on the basis of one rights share for every one existing Ipmuda share at an issue price of 30 sen per rights share to raise proceeds of RM30.4 million.
It expects to complete the exercise by the fourth quarter of this year. — Bernama