KUALA LUMPUR, Nov 22 (Bernama) – Energy services group Serba Dinamik Holdings Bhd plans to acquire an additional 10 per cent equity interest in Green & Smart Holdings PLC (GSH) for RM13 million, which will increase its stake to 25 per cent.
Wholly-owned subsidiary Serba Dinamik Group Bhd’s proposed acquisition of 34.54 million GSH shares from K2M Ventures Sdn Bhd (K2MV) follows Serba Dinamik’s decision in July to subscribe to new GSH shares that represented 15 per cent of GSH’s enlarged capital for RM16.99 million.
The GSH group is engaged in research and development, provision of engineering consultancy and process design services in the areas of industrial biotechnology, pollution control and renewable energy.
It is also involved in engineering, procurement, construction and commissioning (EPCC) of various waste water treatment plants/systems and development, commercialisation, operation and maintenance of renewable energy power plants.
In a filing with Bursa Malaysia today, Serba Dinamik said the proposed acquisition would give the Serba Dinamik group the first right of refusal on all future EPCC works under the GSH group.
Group Managing Director and Chief Executive Officer Datuk Dr Ir Mohd Abdul Karim Abdullah said Serba Dinamik was currently GSH’s second largest shareholder. The largest shareholder is K2MV with a 42.5 per cent stake.
The move will enable Serba Dinamik to enlarge asset ownership and expand its EPCC business. “To-date, GSH has completed two bio-gas plants and awarded one EPCC contract to our wholly-owned subsidiary Serba Dinamik Sdn Bhd relating to a 2.7-megawatt biogas power plant in Teluk Intan, Perak.
“On top of that, GSH is also in the midst of developing three other bio-gas plants with an estimated total project value of RM49 million and may potentially embark on joint ventures with leading plantation owners to develop bio-gas plants that carry EPCC contracts valued at about RM40 million,” he said.
The proposed acquisition is expected to be completed by the end of this year.