AI Summary
Citaglobal Berhad has acquired a majority stake in two Perak-based hydroelectric projects worth RM15 million through its subsidiary, Citaglobal Renewable Energy Sdn Bhd. This involves a 70% equity interest in Zeqna Corporation Sdn Bhd (which owns the operational Slim Hydroelectric Plant) and Koridor Mentari Sdn Bhd (which owns the approved Kampar Hydroelectric Plant project). This acquisition is projected to generate up to RM19 million in annual recurring revenue under long-term Renewable Energy Power Purchase Agreements (REPPAs) with Tenaga Nasional Berhad (TNB), bolstering Citaglobal's revenue stream and diversifying its portfolio into renewable energy.
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