ILB Group announced that its wholly-owned subsidiary had entered into two share sale agreement to purchase stake in Armani Sinar and Armani Energy for combined total of RM98 million.
The details of the agreement involves the proposed acquisition of 1,000,000 ordinary shares in Armani Sinar Sdn Bhd representing 100% equity interest for RM30 million and with Armani Energy Sdn Bhd for the proposed acquisition of the solar photovoltaic energy generatin system of AESB for RM68 million.
The group said the acquisition in order to grow effectively in the rapid evolving and competitive renewable energy industry, it aims to strengthen synergies, and scale up its solar businesses in order to generate higher sustainable earnings for the goup and its subsidiaries.