KUALA LUMPUR (May 24): Trading in the shares of renewable energy player Pimpinan Ehsan Bhd is suspended from 9am to 5pm today at its request, pending the release of material announcements.
The cash company has proposed to acquire solar outfit reNIKOLA Sdn Bhd, which has existing generation capacity of 43MWp excluding another 45MWp scheduled to come online last month.
On April 2, shareholders rejected the mandatory takeover offer for the company by Pitahaya (M) Sdn Bhd for RM1.07 per share, as the counter closed at RM1.75 on the offer’s last day. Pitahaya and the persons acting in concert acquired 65.5% stake in the company to trigger the offer.
Pimpinan Ehsan has been classified as a cash company since the financial year ended Dec 31, 2018 (FY18) after taking over the listing status of Triplc Bhd and selling over the construction outfit to Puncak Niaga Holdings Bhd.
As at end-March, Pimpinan Ehsan's net assets per share was RM1. Cash and bank balances stood at RM69.36 million against current liabilities of RM784,348. The counter last closed at RM1.64 on Friday, bringing a market capitalisation of RM113.37 million.