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Serba Dinamik buys shares, RCPS in E&E Gas for RM26.44m

KUALA LUMPUR: Serba Dinamik Holdings Bhd, through its wholly-owned subsidiary Serba Dinamik Sdn Bhd (SDSB), today announced the proposed subscription of shares representing a 42.26 per cent stake in E&E Gas Sdn Bhd(EGSB) for RM15.998 million and 10.445 million redeemable convertible preference shares (RCPS) in EGSB for RM10.445 million.

EGSB is principally engaged in the business of providing integrated mid-scale liquefied natural gas (LNG) infrastructure.

“On top of our existing compressed natural gas plant in Muaro Jambi, Sumatra, Indonesia, we now move one step further to strengthen our natural gas business by having this proposed subscription, as well as to align with our plan to enlarge our business in asset ownership,” Serba Dinamik Group Managing Director and Group Chief Executive Officer Datuk Mohd Abdul Karim Abdullah said in a statement today.

He said SDSB had also been awarded an engineering, procurement, construction and commissioning (EPCC) contract by EGSB for the construction and commissioning of an onshore LNG distribution infrastructure facility in Lumut, Perak.

“The contract award will enable us to expand our EPCC business segment and capabilities, as well as further generating a revenue of some RM332.8 million within a period of two years.

“Moving forward, the proposed subscriptions are expected to enhance Serba Dinamik Group’s financial position and profitability,” he added.

Pursuant to the subscription agreement between SDSB and EGSB, the former will satisfy the settlement for the EGSB shares by transferring the company’s land measuring about 4.04 hectares located in Lumut, Perak, amounting to RM16.00 million and settle the RCPS of RM10.445 million in cash.