PROPOSED DISPOSAL OF 1.3MWp SOLAR PV SYSTEM AT LOT 3684, JALAN KAMPUNG ORANG ASLI, KG. BARU, 48050 KLANG, SELANGOR (“SOLAR PV SYSTEM”) BY ITS WHOLLY-OWNED SUBSIDIARY, FAST SOLAR SDN BHD (“FAST SOLAR” OR “VENDOR”) TO VSOLAR ENGINEERING SDN BHD (“VESB” OR “THE PURCHASER”) FOR A DISPOSAL CONSIDERATION OF RM3 MILLION TO BE SATISFIED BY CASH (“DISPOSAL CONSIDERATION”) (“PROPOSED DISPOSAL”)
| FAST ENERGY HOLDINGS BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-24012025-00002 |
| Subject | PROPOSED DISPOSAL OF 1.3MWp SOLAR PV SYSTEM AT LOT 3684, JALAN KAMPUNG ORANG ASLI, KG. BARU, 48050 KLANG, SELANGOR (“SOLAR PV SYSTEM”) BY ITS WHOLLY-OWNED SUBSIDIARY, FAST SOLAR SDN BHD (“FAST SOLAR” OR “VENDOR”) TO VSOLAR ENGINEERING SDN BHD (“VESB” OR “THE PURCHASER”) FOR A DISPOSAL CONSIDERATION OF RM3 MILLION TO BE SATISFIED BY CASH (“DISPOSAL CONSIDERATION”) (“PROPOSED DISPOSAL”) |
| Description | FAST ENERGY HOLDINGS BERHAD ("FEHB" OR “THE COMPANY")
PROPOSED DISPOSAL OF 1.3MWp SOLAR PV SYSTEM AT LOT 3684, JALAN KAMPUNG ORANG ASLI, KG. BARU, 48050 KLANG, SELANGOR BY ITS WHOLLY-OWNED SUBSIDIARY, FAST SOLAR SDN BHD TO VSOLAR ENGINEERING SDN BHD FOR A DISPOSAL CONSIDERATION OF RM3 MILLION TO BE SATISFIED BY CASH (“PROPOSED DISPOSAL”) |
| Query Letter Contents | We refer to your Company’s announcement dated 23 January 2025 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1. The net book value of the Solar PV System based on Fast Solar’s latest audited financial statement. 2. The original cost of investment to Fast Solar/Fast Energy Holdings Berhad (“Fast Energy”) in the Solar PV System, and date of such investment. 3. The basis of arriving at the Disposal Consideration, other than on a “willing buyer willing seller” basis. If it was based on net assets, the year the net book value were taken into consideration, quantifying the net book value and stating whether it was based on audited financial statements; and justification on the Disposal Consideration. 4. The intend application of the sales proceeds and breakdown, including the timeframe for full utilisation of proceed. 5. The expected gain/ losses arising from the Proposed Disposal to the Fast Energy group. 6. Details of SPPA and the commencement date as well as the expiry date of the duration of the SPPA. 7. Particular of -: (i) any liabilities, including contingent liabilities, in relation to the Proposed Disposal which remain with Fast Solar/Fast Energy, together with the details and justification for such arrangements; and (ii) any guarantees given by Fast Solar/Fast Energy to VESB. 8. The estimated timeframe to complete the Proposed Disposal. 9. The total amount transacted with VESB/Vsolar Group Berhad in the preceding 12 months. 10. Whether the Proposed Disposal subject to the approval of the relevant government authority.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, Regulation |
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Reference is made to the Company’s announcement dated 23 January 2025 in respect of the Proposed Disposal (“Announcement”). Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the Announcement.
The Board of Directors of Fast wishes to announce the additional information as required by Bursa Securities via its letter (reference number: IQL-24012025-00002) dated 24 January 2025 set out in the attachment.
Please refer to the attachment for full details.
This announcement is dated 27 January 2025.
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Please refer attachment below.
Announcement Info
| Company Name | FAST ENERGY HOLDINGS BERHAD |
| Stock Name | FAST |
| Date Announced | 27 Jan 2025 |
| Category | General Announcement for PLC |
| Reference Number | GA1-27012025-00088 |