Annica Holdings has increased its shareholding interest in its 51%-owned indirect subsidiary, Renosun International to 100%, through an acquisition by its wholly-owned subsidiary, Cahya Suria Energy (CSE).
On May 24, CSE acquired the remaining 49% it does not own, from Renosun (KL) Sdn. Bhd. The consideration payable by CSE is RM4,900 ($1,575), in cash, and has been paid in full.
Following the acquisition, Renosun International has become a wholly-owned subsidiary of Annica Holdings. Its managing director, Looi Kok Soon, has also tendered his resignation with immediate effect, as he was the nominated director of Renosun (KL) Sdn. Bhd.
Upon Looi’s resignation, options previously awarded to him under the Annica employee share option scheme have lapsed and become null and void.
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Renosun International was incorporated in Malaysia in November 2007 with an issued and paid-up share capital of RM10,000 comprising 10,000 ordinary shares.
Prior to the acquisition, CSE held 5,100 shares in Renosun International, whose principal activities included the provision of designing, engineering, procurement, construction and commission services for solar photovoltaic systems.
Renosun International is also in the business of providing energy-efficient services and procuring, manufacturing and trading in solar photovoltaic power systems.
The audited net liability value of Renosun was RM4,189 as at Dec 31, 2020.
“Although Renosun is in a net liability position, the amount is negligible and Renosun is currently dormant,” says Annica in a May 24 filing.
“Instead of incorporating a new company, the group intends to utilise Renosun as the primary vehicle for the group’s renewable energy-related projects, in anticipation of securing potential renewable energy projects currently in the pipeline,” it adds.
Shares in Annica last traded at 0.1 cent.
