KUALA LUMPUR: Ipmuda Bhd is undertaking a series of corporate exercises in line with the company's growth plans.
Ipmuda said it had signed heads of agreement to buy 70 per cent stake and 100 per cent of the redeemable preference shares of Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd respectively, as well as 100 per cent of Telekosang Hydro One Asean green junior sukuk for RM163.3 million.
The acquisition will be satisfied by the issuance of new Ipmuda shares.
Telekosang is developing a 40 megawatt (MW) small hydropower plant project at Sungai Telekosang in Tenom, Sabah, which will be the largest of its kind in Malaysia.
Commercial operations are expected to begin at the end of 2021 with a power purchase agreement of 21 years with Sabah Electricity Sdn Bhd.
Ipmuda also signed heads of agreement to acquire the entire stake in Jentayu Solar Sdn Bhd for RM11.1 million to be satisfied by issuing new shares.
Jentayu Solar owns and operates a 5.99MW solar power plant, a quality asset strategically located in a high solar irradiance area in Pokok Sena, Kedah.
With a concession period of 21 years from October 2019, the plant generates an annual average energy yield of a 12.7-gigawatt-hour (GWh).
Ipmuda chief executive officer Jeffri M Yusup, in a statement on Friday, said these acquisitions would provide a unique opportunity for the company to own high-quality assets in line with its strategy to diversify its business streams to include renewable energy (RE).
Additionally, Ipmuda signed heads of agreement to acquire a 100 per cent stake in Ultimate Forte Sdn Bhd (UFSB) for RM18 million, which will be fulfilled by the issuance of new shares and cash.
UFSB operates a 30-bedded private hospital specialising in paediatrics and obstetrics and gynaecology, known as Ohana Specialist Hospital, in Seri Rampai, Kuala Lumpur.
"This is an opportune time for our RE and healthcare acquisitions as it will also allow us to capitalise on the favourable market conditions.
"We also intend to increase our presence in the healthcare sector to tap into the vast opportunities in the market, particularly the underserved middle-income segment," said Jeffri.
The company also announced the sale of its 5.13-acre property in Section 13, Petaling Jaya, to Pixel Valley Sdn Bhd for RM82 million, signifying a RM65.2 million gain based on the carrying book value of the land.
As a result, there will be an increase in the company's net tangible asset per share from 49 sen to RM1.14 based on its June 30, 2020 audited accounts.
Meanwhile, following through from the asset rationalisation exercise, Ipmuda proposed to distribute a special dividend amounting to RM30.44 million based on 30 sen per ordinary share based on existing issued shares.
The special dividend payment is expected to be made in the fourth quarter of 2021 following the completion of the proposed property sale.
The company is also proposing a bonus issue of 101.5 million shares based on one bonus share for every one existing Ipmuda share with 152.2 million free detachable warrants based on three warrants for every two existing shares held.