Minetech expands into renewable energy, O&G

TheStar Tue, Jun 29, 2021 08:10am - 2 years View Original


“The approval of the proposed private placement and ICPS allow us to shift our gearing into the RE and O&G sectors, which we have identified as potential revenue generators that could potentially contribute 25% or more to our net profit, ” said its executive chairman Pengiran Datuk Awang Daud Awang Putera (pic) in a filing with Bursa Malaysia.

KUALA LUMPUR: Minetech Resources Bhd, Malaysia’s largest aggregate mining conglomerate, plans to broaden its horizon into renewable energy (RE) and the oil and gas (O&G) sectors.

In a virtual EGM yesterday, company shareholders approved Minetech’s resolution on a proposed private placement, amendments to its constitution, reduction of share capital to fund the business expansion, as well as diversifications into the new sectors.

“Minetech is expected to raise proceeds amounting to RM85.1mil through the proposed private placement and irredeemable convertible preference shares (ICPS).

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