BGRIM Completes Initial Subscription to Acquire a 45% Stake in “reNIKOLA Holdings”

B.Grimm Power Public Company Limited (SET: BGRIM) announced on Friday that it has completed the initial subscription in accordance with the Subscription Agreement for the purchase of 285,216,652 newly issued ordinary shares of reNIKOLA Holdings Sdn. Bhd., or 45 percent of total shares.

The acquisition of shares in reNIKOLA Holdings Sdn. Bhd. resulted in B.Grimm Malaysia, a 100 percent owned subsidiary of BGRIM, indirectly holding 45 percent of economic interests in SBU Power Sdn. Bhd. (SBU Power), RE Gebeng Sdn. Bhd. (RE Gebeng) and Halpro Engineering Sdn. Bhd. (Halpro Engineering), subsidiaries of reNIKOLA Holdings Sdn. Bhd. 

SBU Power, RE Gebeng and Halpro Engineering are the owners of solar power projects which have a total installed capacity of 88 MWdc and have entered into a 21-year power purchase agreement with Tenaga Nasional Berhad (the only electric utility company in Peninsular Malaysia).