BM Greentech Berhad, a subsidiary of QL Resources Berhad, has announced plans to acquire 100% equity in Plus Xnergy Holding Sdn Bhd, a leader in clean energy solutions in Malaysia. The proposed acquisition, valued at RM110 million, aims to bolster BM Greentech’s presence in the clean energy sector and support Malaysia’s transition towards sustainable energy practices.
Founded in 2013, Plus Xnergy specializes in commercial, industrial, residential, and large-scale solar projects, boasting over 400 MWp of installed solar PV capacity and generating 2,000 GWh of clean energy as of March 2024. The company’s focus on energy generation, efficiency, storage, and electric vehicle charging aligns seamlessly with BM Greentech’s existing bioenergy, water treatment, and solar energy solutions.
The acquisition will be settled through the issuance of 81,481,482 new BM Greentech shares at RM1.35 per share, based on the 3-month volume weighted average market price. Concurrently, BM Greentech will undertake a special issuance of new shares to QL Green Resources Sdn Bhd, a QL Resources Berhad subsidiary, to maintain majority ownership post-acquisition. The funds raised will support BM Greentech’s business expansion into the clean energy sector, with an additional equity injection of up to RM50 million earmarked for Plus Xnergy’s growth.
BM Greentech President emphasized, “This strategic acquisition will enhance shareholder value and position BM Greentech as a leading provider of comprehensive clean energy solutions in the region. By leveraging Plus Xnergy’s expertise and market reach, we aim to capitalize on the growing demand for sustainable energy solutions driven by initiatives like Net Energy Metering (NEM) and Corporate Green Power Programme (CGPP).”
The acquisition is subject to the execution of definitive agreements and regulatory approvals. Founders Oh Zhi Kang and Ko Chuan Zhen will continue to lead Plus Xnergy as directors for a minimum of five years, with Ko slated to join BM Greentech’s board upon completion of the agreement.
This move underscores BM Greentech’s commitment to supporting Malaysia’s net zero ambitions outlined in the 12th Malaysia Plan, aligning with the National Energy Transition Roadmap’s focus on scaling up solar installations and enhancing the national energy mix through sustainable practices.
