Kejuruteraan Asastera scraps plan to buy solar energy provider

PETALING JAYA: Kejuruteraan Asastera Bhd (KAB) has terminated its plan to acquire a 30% stake in Leveragedge Sdn Bhd (LSB) for RM2.1 million.

This is because KAB and the vendors LSB and Loo Chun Keat were unable to agree to the commercial terms of the definitive agreements.

KAB said upon the termination, it will be entitled to seek monetary compensation from LSB including but not limited to the cost and expenses incurred pertaining to the proposed investment according to the heads of agreement entered.

The acquisition was part of the company’s strategy to provide a highly integrated energy efficiency solution and subsequently expand its footing in sustainable energy.

LSB is a service provider for solar photovoltaic and energy efficiency solutions and operates the SimpliSolar brand, which is a renewable energy and energy efficiency player in Southeast Asia.

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