B.GRIMM POWER MALAYSIA NOW SUBSTANTIAL SHAREHOLDER OF RENIKOLA

KUALA LUMPUR, 13 (Bernama) -- Renewable energy (RE) company reNIKOLA Holdings Sdn Bhd has a new substantial shareholder – B.Grimm Power Malaysia Sdn Bhd, a 100 per cent-owned subsidiary of B.Grimm Power Public Company Ltd,

In a statement today, reNIKOLA Holdings said B.Grimm now owns 45 per cent-interest in the enlarged share capital of reNIKOLA Holdings pursuant to the completion of subscription of new shares by B.Grimm Malaysia in the latter.

“B.Grimm Malaysia entered into a subscription agreement on Nov 10, 2021 with reNIKOLA shareholders and reNIKOLA Holdings for the subscription of new ordinary shares representing a 45 per cent stake in the enlarged share capital of reNIKOLA Holdings for up to RM367 million in cash, with an initial subscription of RM152.5 million,” it said.

reNIKOLA Holdings managing director Boumhidi Adel said that with the completion of the subscription agreement, another piece of the puzzle falls into place as the group forges ahead in its quest to be a leading RE pure play group in the country. 

“B.Grimm Malaysia’s entry comes at such an opportune time. B.Grimm Power is a much respectable and established multinational corporation in the RE space and we will leverage on their in-depth technical knowhow and vast experience in green energy. 

"Combining their expertise with our local knowledge and network, we are confident we can accelerate our expansion plans to be a formidable RE force. In addition, the first cash injection of RM152.5 million into our coffers gives us a major shot in the arm, enabling us to fast-track our initiatives," he said.

-- BERNAMA