6 days ago
UUE to venture into solar PV via unit Enerxite
PETALING JAYA: UUE Holdings Bhd will venture into the solar photovoltaic (PV) industry through a 60% owned subsidiary called Enerxite Sdn Bhd.
The joint venture (JV) partner Daryl Lai Yit Sheng, 36, will hold the remaining equity stake in Enerxite.
UUE said in a statement that the mechanical engineer would lead and spearhead UUE's venture into the renewable energy (RE) sector.
It would subscribe for the equity stake in Enerxite by investing RM599,990, a company in which it already has an initial paid-up capital of RM10.
Lai would subscribe his portion in Enerxite for RM400,000 in cash, it said.
'UUE has identified the RE sector as a potential business segment which the group believes can be developed given the favourable potential of sustainable renewal energy sources.
'UUE intends to begin its involvement in this business industry with the engineering, procurement, construction and commissioning of solar PV systems for a start and progressively immerse itself into other segments,' it said.
'UUE, as the primary capital contributor and corporate owner, will provide strategic direction and corporate governance oversight.
'Lai will contribute technical expertise, industry knowledge and practical experience in the RE sector,' the company pointed out.
