Singapore's PK Green Fund raises stake in Jentayu Sustainables to 13.06%

KUALA LUMPUR: Singapore-based PK Green Fund has increased its shareholding in Jentayu Sustainables Bhd to 13.06% after acquiring an additional 22 million shares.

In a Bursa Malaysia filing, the renewable energy company said the Singapore-based fund purchased 22 million ordinary shares on July 7, raising its direct interest to 71.1 million shares, or 13.06% of the company's issued share capital, from 49.1 million shares, or 9.02%, previously.

The company said the increased stake follows PK Green Fund's initial investment announced on July 2.

Jentayu Sustainables is developing Project Oriole, a RM2.8bil, 162MW run-of-river hydroelectric project in Sipitang, Sabah.

The project has secured a 40-year power purchase agreement with Sabah Electricity Sdn Bhd and is expected to supply about 16% of the state's peak electricity demand once operational.

“The fund has informed the company that its investment is strategic and long-term in nature, and that it intends to be a constructive and supportive shareholder, engaging with the board and management on matters relating to the company's strategy, corporate governance and sustainability,” Jentayu Sustainables said.

A separate filing showed that group managing director Datuk Beroz Nikmal Mirdin ceased to be a substantial shareholder on July 7 after his spouse, Datin Nurhaida Abu Sahid, disposed of 22 million shares via an off-market transaction at 20 sen per share.

Following the disposal, Beroz retained a direct interest of 20.89 million shares, representing a 3.837% stake in the company.