BM Greentech Berhad (BM Greentech) and Plus Xnergy Holdings Sdn Bhd (Plus Xnergy) formalised the conditional share acquisition agreement (SAA) to fulfil the Term Sheet requirements in BM Greentech’s RM110 million acquisition of the latter.
Concurrent to this, Plus Xnergy co-founders Ko Chuan Zhen and Oh Zhi Kang are named onto the executive leadership of BM Greentech, securing their positions within the Main Market-listed entity.
Ko will continue to helm Plus Xnergy as Group CEO, and has also been nominated as an Executive Director of BM Greentech, subject to shareholders’ approval, with Oh as his alternate.
Both companies are combining their track record, expertise and resources. Plus Xnergy will benefit from BM Greentech’s bioenergy and water treatment solutions portfolio to provide more holistic solutions for customers and businesses.
Additionally, BM Greentech has committed RM50 million capital injection to power Plus Xnergy’s business growth and expansion. The integration of Plus Xnergy’s innovative solutions, and existing wide customer base also strengthens BM Greentech’s position as a comprehensive climate change solutions leader.
BM Greentech Group Managing Director Chia Lik Khai said, “Plus Xnergy’s clean energy ecosystem comprising generation, storage, energy efficiency, electric vehicle (EV) charging solutions and smart energy systems adds breadth and depth that strengthens our value chain.
Our combined capability positions us well to capitalise on large-scale solar (LSS) projects and the growing demand for clean energy solutions to support the ESG journey of businesses and a just transition.
This acquisition propels us towards our vision of being the preferred climate change solutions partner. Having Ko and Oh onboard adds invaluable industry experience that benefits our strategic decision making.”
Founded in 2013, Plus Xnergy provides clean energy solutions for commercial, industrial, residential and LSS projects including solar farms in Kedah, Perlis, Perak, and Selangor. It has built a strong presence in Malaysia with nationwide footprint of over 400 MWp of installed solar PV capacity, which generated 2,000 GWh in clean energy as of March 2024.