Kinergy Advancement (KLSE:KAB) unit KAB Energy agreed to acquire around 1.9 million shares, representing 47.5% stake, in independent power producer Jati Cakerawala for 35 million ringgit.
The shares will be purchased from Pesaka Ventures, according to a Friday Malaysian bourse filing.
As a result, Kinergy Advancement will assume the role as one of the project developers, alongside other stakeholders, to re-power the 650-megawatt power plant in Perlis, Malaysia.
The said plant completed its 21-year power purchase agreement and was decommissioned in March 2024, the filing said.
The electrical services provider will fund the deal via its internal funds, it said.
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