A corporate exercise quietly announced a week ago seems to have gotten the notice of some investors.
Pimpinan Ehsan Bhd (PEB), a company that was controlled by tycoon Tan Sri Rozali Ismail, a cash shell looking for an acquisition target, made two stock exchange filings on Feb 19.
One, that Rozali and other shareholders had sold out of the company to new parties, thereby triggering a mandatory general offer (MGO) and two, that PEB was planning to acquire solar power assets.
Since the announcement, PEB shares have almost doubled in a matter of a week.
So why the excitement?
It is likely to do with the fact that PEB is morphing into a pure play renewable energy company, a move which sits well with the global push towards environmental goals. Another reason could be the presence of seasoned corporate personality Lim Beng Guan as the new major shareholder of PEB.