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OTHERS ENRA GROUP BERHAD ("ENRA" OR "COMPANY") PROPOSED DIVERSIFICATION OF THE EXISTING CORE BUSINESSES OF ENRA AND ITS GROUP OF COMPANIES TO INCLUDE THE MAINTENANCE, REPAIR AND OVERHAUL BUSINESS

ENRA GROUP BERHAD

Type Announcement
Subject OTHERS
Description
ENRA GROUP BERHAD ("ENRA" OR "COMPANY") 
PROPOSED DIVERSIFICATION OF THE EXISTING CORE BUSINESSES OF ENRA AND ITS GROUP OF COMPANIES TO INCLUDE THE MAINTENANCE, REPAIR AND OVERHAUL BUSINESS

Unless otherwise defined, the abbreviations and definitions used in the announcements dated 30 June 2022, 16 August 2022 and 13 September 2022 shall apply herein.

 

We refer to the announcement on the MSM Collaboration on 30 June 2022 as well as our circular to shareholders dated 13 September 2022 in relation to the Proposed Diversification (“Circular”).

 

Unless otherwise defined, the abbreviations and definitions used in the announcements dated 30 June 2022, 16 August 2022 and 13 September 2022 shall apply herein.

 

We refer to the announcement on the MSM Collaboration on 30 June 2022 as well as our circular to shareholders dated 13 September 2022 in relation to the Proposed Diversification (“Circular”).

 

The Board wishes to inform shareholders that on 23 September 2022, ENRA received a letter of request from MFDM Holdings Sdn. Bhd., the holding company of MSM, that it wishes to cease the pursuit of the MSMENRA joint venture in conjunction with the MSM Collaboration. ENRA has accepted this request and will work with MSM to terminate both parties’ relationship in MSMENRA.

 

The Board wishes to reiterate that ENRA is already in the MRO business via its wholly-owned subsidiary, ENRA Energy Solutions, and that the intention to grow ENRA Energy Solutions further is the basis of the Proposed Diversification. As set out in the Circular:

 

(i) the growth prospects for ENRA’s MRO business may arise from both organic and inorganic efforts of which the MSM Collaboration was one of the avenues; and

 

(ii) the Proposed Diversification is not dependent on MSM and MSM Collaboration.

 

ENRA Energy Solutions will continue to explore opportunities to work with technical partners to pursue MRO projects across various industries. As such, the termination of the MSM Collaboration has no material impact to the Proposed Diversification.

 

We will still be seeking approval from shareholders for the resolution pertaining to the Proposed Diversification on 27 September 2022.

 

This announcement is dated 26 September 2022.

 






Announcement Info

Company Name ENRA GROUP BERHAD
Stock Name ENRA
Date Announced 26 Sep 2022
Category General Announcement for PLC
Reference Number GA1-26092022-00018




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