KUALA LUMPUR (March 1): Uzma Bhd is acquiring stakes in two renewable energy (RE) companies for RM5.39 million in a bid to enter the RE sector with a primary focus on solar energy.

In a filing today, Uzma said it has entered into a conditional share sale agreement with Mohd Syahrul Nizar Abdul Ghani to acquire a 49% stake in Suria Infiniti Sdn Bhd and a 100% stake in Mahendran Surya Innovations Sdn Bhd.

Suria Infiniti specialises in RE and energy efficiency "by means of solar photovoltaic and wind system, energy efficiency products, and sustainability reporting by establishing necessary frameworks as well as monitoring and reporting of carbon footprint", said Uzma.

"The acquisition represents an excellent opportunity for Uzma to enter the renewable energy sector with an established engineering, procurement, construction and commissioning contractor to capitalise on the opportunities within the solar value chain which includes net energy metering (NEM), large scale solar projects and other service portfolios within the renewable energy market," said Uzma.

The oil and gas services group has mulled entering the RE space since late 2019, eyeing projects under Large Scale Solar 4 (LSS4) that were opened for bidding late last year, as well as opportunities amid the high portion of NEM quota that was not utilised.

Uzma's share price closed one sen higher at 74.5 sen, valuing the group at RM238.42 million. Year-to-date, the counter has risen by 33.04%.