has entered into a term sheet for the proposed acquisition of a 51% stake in a new special purpose vehicle (SPV) to undertake solar renewable energy projects in Malaysia.
The identified business and identified assets of Solar Bina Engineering Sdn Bhd valued at RM41.5mil, will be injected into the target company by Eric Lee Seng Chi, the sole shareholder and managing director of Solar Bina.
According to the filing with Bursa Malaysia, Solar Bina is currently involved in the provision of implementation of solar photovoltaic projects for residential, commercial and industrial properties and large scale solar PV plants.
This includes the supply and installation of solar mounting system and other engineering works involving civil, structural, mechanical and electrical engineering works.