KUALA LUMPUR: VSolar Group Bhd has entered into proposed investment and shareholders’ agreement with KRU Energy Asia Pte Ltd, Rangkaian Iltizam Sdn Bhd and Kenneth Lee Wai Tong to jointly develop a 10 Megawatts BioMass/BioGas Energy Generation Plant.
In its filing to Bursa Malaysia today, VSolar said its wholly-owned subsidiary VSolar Engineering Sdn Bhd will hold the largest stake at 60 per cent in the joint venture company with a paid-up capital of RM6,000.
“Financial management and accounting functions of the joint venture company including all payments and receipts will be determined and managed by VSolar for the purpose of the business operations of VSoalr Engineering,” it said.
“This agreement shall take effect from the date hereof and shall remain in full force and effect between the parties so long as the shareholders continue to hold shares in the company.”