Following the acquisition, Renosun International has become a wholly-owned subsidiary of Annica Holdings. Its managing director, Looi Kok Soon, has also tendered his resignation with immediate effect, as he was the nominated director of Renosun (KL) Sdn. Bhd.
Annica Holdings has increased its shareholding interest in its 51%-owned indirect subsidiary, Renosun International to 100%, through an acquisition by its wholly-owned subsidiary, Cahya Suria Energy (CSE).
On May 24, CSE acquired the remaining 49% it does not own, from Renosun (KL) Sdn. Bhd. The consideration payable by CSE is RM4,900 ($1,575), in cash, and has been paid in full.
