KUALA LUMPUR (March 31): Pimpinan Ehsan Bhd has been granted a six-month extension to submit its regularisation plan to the Securities Commission Malaysia (SC).
In a bourse filing on Friday (March 31), the cash company said Bursa Securities has pushed the regularisation submission deadline to Sept 30, from March 31.
It said the extension of time is without prejudice to the bourse regulator’s right to proceed to suspend or delist the company if it fails to submit the regularisation plan by Sept 30, fails to obtain approval for the plan’s implementation, or fails to implement the plan within the stipulated time frame.
Pimpinan Ehsan’s regularisation plan consists of its drive to shift towards becoming a pure-play renewable energy (RE) company, with the acquisition of RM339.4 million worth of RE assets.
The company has inked agreements with vendors — B Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Ibni Sultan Abu Bakar — for five RE assets under reNIKOLA and its subsidiaries.
The RM339.4 million aggregate consideration is to be satisfied via the issuance of 144.9 million new shares at an issue price of RM1.07 per share, and 143.3 million new shares at RM1.2867 apiece.
Upon completion of the proposed acquisition, B Grimm Power is to emerge as a substantial shareholder in Pimpinan Ehsan. B Grimm Power is a wholly-owned subsidiary of Thailand-listed B Grimm Power Public Co Ltd.
The regularisation plan also includes a proposed private placement of up to 80 million shares representing 22.4% of its enlarged capital at an issue price to be determined later, as well as a one-to-two subdivision of Pimpinan Ehsan shares.
Besides being subject to the SC’s approval, the proposed regularisation plan is also subject to the approvals of Bursa Malaysia, Ministry of International Trade and Industry, Ministry of Energy and Natural Resources, Energy Commission and TNB, as well as its shareholders.
Shares in Pimpinan Ehsan closed unchanged at RM1.22, giving the company a market capitalisation of RM84.33 million.