Serba Dinamik to buy shares of three renewable power subsidiaries

Serba Dinamik, one of the most renowned engineering solutions firm based in Malaysia, has apparently decided to acquire forty percent ownership in each of the three green energy firms in Malaysia for 24.85 million Malaysian Ringgit. As per sources familiar with the matter, this acquisition will help generate numerous employment opportunities across the procurement, commissioning, engineering, and construction sectors in the country.

According to The Star Online, The Serba Dinamik Group, a division of Serba Dinamik, has entered into a pact with Maju Holdings Sdn Bhd to acquire 40% of its shares in each of its divisions, namely, Maju RE (Temenggor), Maju RE Sdn Bhd, and Maju RE (Talang).

For the record, Maju owns 70% of ownership rights in each of its three subsidiaries, while Perak Hydro Renewable Energy Corp Sdn Bhd possesses the rest of the stake in each of the renewable energy divisions of Maju. Serba Dinamik’s key officials claim that this memorandum of agreement will help the firm secure the EPCC contract for the energy units on a turnkey basis, estimated at nearly 560 million Malaysian Ringgit. Reports state that in addition to the EPCC contract, the firm is likely to bag the maintenance & operation contract for the renewable energy units, which is worth 10.56 million Malaysian Ringgit annually.

Reportedly, the Malaysian oil, gas, & engineering service provider has also announced that the purchase consideration of 24.85 million Malaysian Ringgit, which the firm estimated on the basis of 1.04 million Malaysian ringget per MW, is expected to be funded via cash from its IPO (initial public offering) that ended in February 2017. According to authentic sources, the proposed Sale & Shareholder Agreements are expected to be duly implemented by both Serba Dinamik and Maju within thirty days of the date when the agreement would be signed.

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Dhananjay Punekar

Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...

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