Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 15): Fitters Diversified Bhd will submit to the Singapore Exchange (SGX) the application for the listing of its renewable energy unit, Future NRG Sdn Bhd (FNRG), at the end of this year.

“We are hopeful to raise SG$20-SG$25 million in the initial public ofering,” said Datuk Richard Wong, managing director of Fitters, after the company’s extraordinary general meeting today.

He added that the planned IPO will be to raise working capital for FNRG’s renewable energy projects, which it will reveal in due time.

Fitters, a fire protection specialist, also announced in a press release today, that FNRG had signed a heads of agreement with German-based A.H.T Services GmBH (AHT), to form a joint venture (JV) to re-engineer existing technology for generation of clean renewable energy from biomass gasification, to suit the South East Asian region.

FNRG will hold 70% equity interest in the new JV company, AHT NRG Sdn Bhd, while AHT will hold the remaining 30% stake.

The agreement will also see the new JV company purchasing three biomass-gas generators from AHT for RM14 million, to be deployed in the first quarter of 2015, in Sabah and Peninsular Malaysia.

AHT is a specialist at engineering and production of biomass and coal co-generation systems, for the production of electricity and heat.

Fitters closed at RM1.35 today, up 35% from RM1.00 two months ago. This gives it a market capitalisation of RM42.70 million.

At the EGM today, shareholders had approved a proposed two-for-five bonus issue and free warrants exercise.

 

 

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