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PRACTICE NOTE 16 / GUIDANCE NOTE 2 : OTHERS

PIMPINAN EHSAN BERHAD

Type Announcement
Subject PRACTICE NOTE 16 / GUIDANCE NOTE 2
OTHERS
Description
PIMPINAN EHSAN BERHAD ("PEB" OR THE "COMPANY") 

I)      PROPOSED REGULARISATION PLAN
II)	PROPOSED OTHER ACQUISITIONS
III)	PROPOSED PRIVATE PLACEMENT II
IV)	PROPOSED EXEMPTION II

(PROPOSED REGULARISATION PLAN, PROPOSED OTHER ACQUISITIONS, PROPOSED PRIVATE PLACEMENT II AND PROPOSED EXEMPTION II ARE COLLECTIVELY REFERRED TO  AS THE "PROPOSALS")

Reference is made to our announcements on 24 May 2021, 10 November 2021 and 8 June 2022 (“Announcements”) in relation to the Proposals. Unless otherwise defined, the terms used herein shall have the same meanings as those given to them in the aforementioned Announcements.

On behalf of the Board, MIDF Amanah Investment Bank Berhad (“MIDF Investment”) wishes to announce that PEB has received a letter dated 15 February 2023 from reNIKOLA Sdn Bhd (“reNIKOLA”) (“Letter”) informing that reNIKOLA Biogas (Jengka) Sdn Bhd (“reNIKOLA Biogas”), a subsidiary of reNIKOLA Holdings Sdn Bhd (“reNIKOLA Holdings”) has received Feed-In Approval on 6 December 2022 from the Sustainable Energy Development Authority Malaysia (SEDA) for four (4) biogas installations with a total installed capacity of 5.587MW to be constructed by reNIKOLA Biogas in Pahang (“Feed-In Approvals”).

Following the Feed-In Approvals, reNIKOLA Biogas had entered into four (4) renewable energy power purchase agreements (“REPPAs”) dated between 2 February 2023 and 3 February 2023 with Tenaga Nasional Berhad (“TNB”), whereby reNIKOLA Biogas shall sell and deliver and TNB shall purchase and accept the renewable energy generated and delivered from the four (4) biogas installations for twenty-one (21) years. The biogas installations are expected to commence construction by the third quarter of 2023 and commence operation by the fourth quarter of 2024.

As reNIKOLA Holdings and its group of companies are proposed to be acquired by PEB under the Proposed Regularisation Plan, it is within reNIKOLA’s intention for reNIKOLA Biogas to be included as part of the Proposed Regularisation Plan at no additional consideration.

In this respect, the Board will deliberate on the Letter and further announcement will be made should there be any revision to the Proposed Regularisation Plan.

The Letter will be made available for inspection at the registered office of the Company at Unit 30-01, Level 30, Tower A Vertical Business Suite Avenue 3, Bangsar South No. 8, Jalan Kerinchi, 59200 Kuala Lumpur during normal business hours (except public holidays) for a period of three (3) months from the date of this Announcement.

This announcement is dated 15 February 2023.






Announcement Info

Company Name PIMPINAN EHSAN BERHAD
Stock Name PEB
Date Announced 15 Feb 2023
Category General Announcement for PLC
Reference Number GA1-15022023-00085



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