ARB Berhad agrees to acquire 51% stakes in C&M Renewable Energy Technology
Malaysian investment holding company ARB Berhad has agreed to acquire a 51% stakes in local solar developer C&M Renewable Energy Technology Sdn Bhd (CMSB) for MYR5.5 million (US$ 1.3 million).
CMSB is involved in various businesses including installation, operation, and management of solar photovoltaic farm at the USM Faculty of Engineering on a 364-acre site in Nibong Tebal in the state of Penang, Malaysia. On November 2018, CMSB has signed an agreement with USAINS Infotech Sdn Bhd (UISB) to operate the solar project in the University Sains Malaysia (USM).
ARB is expecting for a cash flow of between MYR 5 million (US$1.2 million) and MYR 11 million (US$2.7 million) each year with the solar project. The net present value is estimated to reach MYR 100 million (US$24 million) based on a discount rate of 5.6% over the project’s 30-year concession period.
Country updates
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