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KAB TO ACQUIRE 30% IN SOLAR ENERGY PROVIDER FOR RM2.1M

KAB TO ACQUIRE 30% IN SOLAR ENERGY PROVIDER FOR RM2.1M

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PETALING JAYA: Kejuruteraan Asastera Bhd (KAB) has proposed investing into and acquiring a 30 % stake in LeveragEdge Sdn Bhd (LSB) for RM2.1 million, as part of its satrategy to provide a highly integrated energy efficiency solution and to expand KAB’s footprint in sustainable energy.

In a Bursa Malaysia filing this afternoon, the group said KAB will have majority control on the board of directors which shall have the overall control and management of LSB.

“This acquisition is key for KAB as the first foray for the group into the solar business with great synergy to both parties. I believe the solar sector has great potential supportive favourable government policies and we would like to be part of the sustainable energy ecosystem,” said KAB managing director Datuk Lai Keng Onn.

LSB is a service provider for solar photovoltaic and energy efficiency solutions and operates the SimpliSolar brand, which is a renewable energy and energy efficiency player in Southeast Asia.

Source: malaysianews
Anand Gupta Editor - EQ Int'l Media Network

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