Posted on 05 Mar 2015
Stainless steel cookware Ni Hsin Resources Bhd, which is diversifying into the solar energy industry, has proposed to acquire the entire issued and paid-up share capital of Helios Photovoltaic Sdn Bhd by issuing new Ni Hsin shares at 38 sen apiece.
Ni Hsin, which has signed a heads of agreement on the matter with Helios, will be carrying out a due diligence exercise and will decide the value of the purchase later.
In a statement, Ni Hsin chairman Md Nazir Md Kassim said: “The corporate exercise aims to provide existing shareholders of Ni Hsin with an opportunity to participate in Helios’ business and growth potential in the solar energy industry.”
He expected the company to benefit from Helios’ experience in the solar energy industry and its reliable cashflow from contracts.
Helios chairman Datuk Omar Faudzar said: “2015 is another milestone year for us as we embark on phase two of solar hybrid, we are also looking forward to implement large scales of solar farms with utility companies in Malaysia.”
