KUALA LUMPUR (Oct 18): PUC Bhd has scrapped a joint venture (JV) with GreenTech Malaysia Alliances Sdn Bhd (GTMA) to jointly bid for renewable energy (RE) projects in government or government-linked corporations, in particular solar, biogas and biomass ventures.

PUC said the decision was made to terminate the partnership after taking into account there was no business undertaken or scheduled or anticipated to be undertaken by the JV company Greentech Malaysia Founder Sdn Bhd (GTMF).

GTMA is wholly-owned by Malaysian Green Technology Corp, an agency under the purview of the Ministry of Energy, Science, Technology, Environment and Climate Change.

In a filing with Bursa Malaysia today, PUC said it has today received the confirmation and acceptance from GTMA on the mutual termination of the JV and shareholders’ agreement.

Consequently, PUC will buy over the remaining 20% equity interest in GTMF from GTMA for RM10.

"GTMF will then be renamed Enovax Malaysia Sdn Bhd to undertake the business in software development of customised information technology solutions and services for enterprise businesses, electronic commerce solutions, and internet-driven applications.

"The acquisition is in line with the long term strategic plans of PUC to strategise and expand into its technology business, in particular electronic commerce and payment; advertising and media; and related businesses," PUC said.

Barring any unforeseen circumstance, the acquisition is expected to be completed by the fourth quarter of 2018.

PUC shares closed unchanged at 13 sen today, with 6.87 million shares done, bringing a market capitalisation of RM230.95 million.