KUALA LUMPUR (Oct 25): Samaiden Group Bhd plans to raise up to RM34.02 million via a private placement to fund its investment in renewable energy assets.

The private placement will involve 31.5 million shares or 10% of Samaiden's total number of issued shares, which will be issued to third-party investors to be identified later, the solar power specialist said in a bourse filing.

It also said the issue price of the private placement will be fixed at a later date.

According to Samaiden, the company intends to expand its business into investment in renewable energy assets, whereby the company and/or its subsidiaries would own and operate solar photovoltaic (PV), biomass, biogas and/or mini-hydro assets to generate electricity for sale to distribution licensees.

It added that it intends to invest in renewable energy assets implemented or to be implemented under the government-initiated programmes such as large scale solar PV power plant programme, net energy metering programme as well as feed-in tariff programme.

It expects the proposed private placement to be completed by the first quarter of 2022.

Shares in Samaiden gained two sen to RM1.19, bringing it a market capitalisation of RM250 million.