KUALA LUMPUR (Jan 16): Pimpinan Ehsan Bhd (KL:PEB) has secured a final extension to submit its regularisation plan following the submission of its written representations to Bursa Securities.

Bursa Securities, however, warned that failure to submit the plan by June 30, 2026 will result in the trading suspension of its shares and eventual delisting, according to Pimpinan Ehsan’s filing.

This considers the fact that Pimpinan Ehsan had approximately seven and a half years to regularise its condition since it was categorised as a Practice Note 16 cash company in 2018, according to Bursa Securities.

“In the opinion of Bursa Securities, adequate time and opportunity had been accorded to Pimpinan Ehsan to regularise its condition since the first announcement on May 31, 2018,” the filing read.

Pimpinan Ehsan, formerly TRIplc Bhd, has been working for several years to inject income-generating solar power assets through the acquisition of renewable energy group reNIKOLA Holdings Sdn Bhd.

In November, Pimpinan Ehsan said its planned acquisition of reNIKOLA has gone under the attention and review of the Ministry of Energy Transition and Water Transformation before the ministry provides its official feedback.

Under Malaysia’s energy sector regulatory framework, ministerial input is required for any transaction involving the transfer or consolidation of licensed renewable energy assets. For large-scale solar licence holders, any change in shareholding structure or controlling interest requires the prior written approval of the Energy Commission.

Under the regulation proposal, reNIKOLA will receive Pimpinan Ehsan shares priced at RM1.07 while B.Grimm Power Malaysia Sdn Bhd — a subsidiary of Thailand-listed B.Grimm Power Public Company and one of the vendors in the sale of reNIKOLA — will get its shares at RM1.29 each.

In addition to the share issuance, Pimpinan Ehsan will also undertake a private placement of 80 million new shares.

According to Pimpinan Ehsan’s announcement in 2021, Boumhidi Adel holds 70% in reNIKOLA while the remaining 30% is held by his spouse, Tengku Zaiton Sultan Abu Bakar.

Post the regularisation exercise, Pimpinan Ehsan has proposed to acquire reNIKOLA’s interest in a solar plant in Bukit Kayu Hitam, Kedah, for RM218 million and B.Grimm is to subscribe for new shares in the new-look Pimpinan Ehsan for RM214.5 million.

Shares of Pimpinan Ehsan last traded at 82 sen, giving it a market capitalisation of RM56.68 million.