KUALA LUMPUR (Feb 8): AT Systematization Bhd has acquired a 9.09% stake in Trive Property Group Bhd for RM2.92 million as it seeks to expand into the solar energy business.

In a bourse filing today, the group said its wholly-owned subsidiary, AT Precision Tooling Sdn Bhd, purchased the stake, comprising 213.32 million placement shares, at 13.7 sen per share.

This comes as Trive announced in a separate filing that it had completed a private placement of 213.32 million shares.

AT Systematization said it is looking for opportunities to capitalise on its new relationship with Trive, which includes the potential sourcing of solar panels and solar products for periodic maintenance of its existing solar photovoltaic plants, for future expansion and for construction of additional solar photovoltaic plants.

“This will help to support the ATS group’s plan to expand its solar energy business in the future and ATS group may look to Trive for the supply of solar panels and related products at reasonable pricing to support the construction of new solar photovoltaic plants,” it said.

AT Systematization’s share price closed unchanged at five sen per share — with 1,000 shares traded — giving it a market capitalisation of RM23.2 million.

Meanwhile, Trive eased half a sen or 25% to 1.5 sen — with 502,200 shares traded — giving it a market capitalisation of RM42.66 million.