APFT seeks to exit PN17 status with QEOS Energy buy

PETALING JAYA: APFT Bhd plans to acquire the entire equity stake in QEOS Energy Sdn Bhd, as part of its proposed regularisation plan to exit from the Practice Note 17 (PN 17) status.

APFT told Bursa Malaysia that it had entered into a memorandum of understanding (MoU) with QEOS LED Sdn Bhd with the aim of entering into a definitive sale and purchase agreement along with other key proposals to be implemented under its proposed regularisation plan.

“The proposed regularisation plan would involve, inter-alia, the proposed acquisition and other key proposals including a fund raising exercise.”

APFT said under the MoU, the two parties have agreed to co-operate exclusively with each other for a minimum period of six months and sets out the understanding and intention in respect of the proposed regularisation plan.

QEOS Energy is involved in the assembling, manufacturing, distributing, supplying of solar energy systems products and supplying light-emitting diode lighting systems. APFT has until Jan 18 to submit its regularisation plan.