KUALA LUMPUR (Dec 20): Telecommunications network services provider OCK Group Bhd is acquiring a 100% equity interest in renewable energy power generation company Green Leadership Sdn Bhd for a cash consideration RM31.65 million.
In a filing with Bursa Malaysia today, OCK said its wholly-owned subsidiary Milab Marketing Sdn Bhd has entered into a conditional shares sales agreement (SSA) with Green Leadership for the acquisition.
Upon completion of the acquisition, Green Leadership will become an indirect subsidiary of OCK.
OCK will purchase the stake in cash and finance the acquisition through equity funding.
According to the filing, Green Leadership is currently in the business of electrical, mechanical, motor and generation of power including all forms of renewable energy power generation.
OCK said the acquisition will enable the group to gain full operational and financial control over Green Leadership, which will then lead to efficient decision-making process to drive the long-term strategy of the company.
"The acquisition will enable OCK to leverage on Green Leadership’s expertise in relation to renewable energy power generation. This will create synergy and drive the growth of the group’s Green Energy Business segment," it said.
"Having considered all aspects of the acquisition, the Board of Directors of OCK is of the opinion that the acquisition is in the best interest of the company," OCK added.
Shares of OCK closed up 1 sen or 1.74% today at 58.5 sen with a market capitalisation of RM560.765 million.