TEX Cycle Technology (M) Bhd’s (TCTB)’s indirect subsidiary, TC Champ Sdn Bhd, has entered into a share sale agreement with EFS Revision Energy Sdn Bhd for the proposed acquisition of 500,000 ordinary shares in Revision Solar Sdn Bhd (RSSB) for RM1.85 mil.
RSSB is principally engaged in the provision of equipment and consultancy services related to renewable energy.
The company is a feed-in approval holder of a solar photovoltaic plant in Penang under the Malaysia feed-in-tariff programme with a renewable energy power purchase agreement with Tenaga Nasional Bhd for 21 years.
The proposed acquisition is in line with TCTB’s plan to expand its renewable power generation business, the group said in a filing with Bursa Malaysia.
“The proposed acquisition will allow TC Champ to reap a sustainable income stream from RSSB’s solar photovoltaic plant over the next 14 years,” said TCTB. – May 14, 2020, Bernama
