PEB

0.820

(%)

OTHERS PIMPINAN EHSAN BERHAD ("PEB" OR THE "COMPANY") I) PROPOSED REGULARISATION PLAN II) PROPOSED OTHER ACQUISITIONS III) PROPOSED PRIVATE PLACEMENT II IV) PROPOSED EXEMPTION II (PROPOSED REGULARISATION PLAN, PROPOSED OTHER ACQUISITIONS, PROPOSED PRIVATE PLACEMENT II AND PROPOSED EXEMPTION II ARE COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

PIMPINAN EHSAN BERHAD

Type Announcement
Subject OTHERS
Description 
PIMPINAN EHSAN BERHAD ("PEB" OR THE "COMPANY")
I) PROPOSED REGULARISATION PLAN
II) PROPOSED OTHER ACQUISITIONS
III) PROPOSED PRIVATE PLACEMENT II
IV) PROPOSED EXEMPTION II

(PROPOSED REGULARISATION PLAN, PROPOSED OTHER ACQUISITIONS, PROPOSED PRIVATE PLACEMENT II AND PROPOSED EXEMPTION II ARE COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

We refer to the announcements by the Company dated 2 March 2023, 31 March 2023, 25 May 2023 and 20 June 2023 respectively. Unless otherwise defined, capitalised terms used in this announcement have the same meanings as those given to them in the aforementioned announcements.

 

The Board of Directors of PEB wishes to provide an update in relation to the above.


To recap, the Company entered into a share sale agreement and its supplementals with reNIKOLA Sdn Bhd and other vendors on 24 May 2021, 10 November 2021, 8 June 2022 and 13 March 2023 to acquire the entire equity interest in reNIKOLA Holdings Sdn Bhd group of companies (“reNIKOLA Holdings Group”) as per the Company’s announcements of even dates, culminating in the Proposed Regularisation Plan of the Company to regularise its condition as a Cash Company. On 25 May 2023 and 20 June 2023, the Company announced that all the 5 large scale solar plants (“SPPs”) under reNIKOLA Holdings Group, being the qualifying assets of the Proposed Regularisation Plan, have obtained the approval of Energy Commission (“EC”) to proceed with the Proposed Regularisation Plan (“EC Approval”).


We set out below the subsequent developments of the Proposed Regularisation Plan for your information:

 

August 2023 The Company submitted a preliminary application pack to the Securities Commission (“SC”) in relation to the Proposed Regularisation Plan.
February 2024 Pursuant to a meeting held between the EC, SC, the Company and its advisers, the SC requested reNIKOLA Holdings Group to obtain a written clarification from the EC on the EC Approval.
May 2024 Pursuant to the SC’s request, reNIKOLA Holdings Group wrote to the EC to obtain the written clarification.
September 2024 to date reNIKOLA Holdings Group had several discussions with the EC in relation to the clarifications sought and was informed by the EC that it would revert soonest. reNIKOLA Holdings Group continued to follow up with the EC on the clarification letter.

 

It is the Company’s intention to submit the application to the SC in relation to the Proposed Regularisation Plan (“Main Application”) as soon as possible. As the current extension of time for the Company to submit the Main Application is expiring on 31 March 2025, an application for a further extension of time will be sought by the Company in due course to facilitate the above.


The Company wishes to reiterate that the Proposed Regularisation Plan is in the best interest of the Company and its shareholders as it is expected to, among others:
(a) transform the Company into a pure-play renewable energy asset owner and operator in line with growth in the global renewable energy industry;
(b) allow the existing shareholders of the Company the opportunity to participate in a proposed new core business that is viable, profitable and growing, thus enhancing shareholders’ value for the existing shareholders of the Company; and
(c) maintain the listing status of the Company on the Main Market of Bursa Securities.


The Company is committed to taking the necessary steps towards successful regularisation of its Cash Company condition and will provide updates as and when there are material developments.


This announcement is dated 5 March 2025.



Announcement Info

Company Name PIMPINAN EHSAN BERHAD
Stock Name PEB
Date Announced 05 Mar 2025
Category General Announcement for PLC
Reference Number GA1-05032025-00055


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