AHB Holdings Bhd (formerly Artwright Holdings Bhd) has recently received an offer to participate in the construction of a 30-megawatt (MW) hydropower plant which aligns with Malaysia’s renewable energy (RE) development initiative.
The innovative office furniture maker plans to acquire shares in a hydropower company to secure the Pahang River hydropower plant construction project.
The hydropower company has been approved by Tenaga Nasional Bhd to own, develop, operate and maintain a 30-megawatt mini hydropower plant on the Pahang River. Recently, the company has offered AHB an opportunity to acquire a controlling stake.
Elsewhere, AHB has also received a formal letter from a certain funder company expressing support and assistance in the company’s quest to issue senior Islamic sukuk (bonds) to raise at least RM300 mil to complete the acquisition and implementation of the mini hydropower plant project.
AHB which is listed on the Main Board of Bursa Malaysia had in May 2023 appointed Princess Tunku Kamariah, the eldest sister of His Majesty Sultan Ibrahim, King of Malaysia as the group chairman. Princess Tunku Kamariah also emerged as the largest shareholder of AHB last year.
Last week, AHB also appointed prominent corporate lawyer and former KNM Group Bhd executive director Flavio Porro as an executive director. The 54-year-old Italian is an experienced lawyer with 25 years of expertise in corporate and commercial law by specialising in the oil and gas (O&G), RE and energy sectors.
According to sources who have reviewed AHB’s proposal, the funder company is very interested with the offer received by AHB. Both parties are currently in discussions with the fund company having agreed to assist AHB in issuing senior Islamic sukuk to raise over RM300 mil.
The funder company has a record of successfully financing several large-scale infrastructure projects which further piqued their interest in AHB’s offer to participate in the large-scale hydropower plant project.
At the close of yesterday’s (May 27) trading, AHB was up 1 sen or 5.26% to 20 sen with 179.43 million shares traded, thus valuing the company at RM149 mil. – May 28, 2024
