VibroPower Corporation’s associated company, VibroPower Green Energy, has proposed to make an acquisition of a power plant in Malaysia in the renewable energy space.
The acquisition of an additional plant would add to the group’s capacity and capability to VibroPower Green Energy.
The board of VibroPower Green Energy has called on its shareholders to contribute to the proposed acquisition by way of financial accommodation to be made to VibroPower Green Energy by its shareholders.
VibroPower Corporation will also contribute its share to the purchase consideration, which is expected to be around $1 million.
The other two shareholders of VibroPower Green Energy are Kluang Biomass Power (M), which owns 40% and TCK Biomass Energy, which owns 20%.
An announcement will be made when the proposed acquisition has been completed.
Shares in VibroPower closed 0.3 cent lower or 4.6% down at 6.3 cents on June 8.
