OTHERS TALIWORKS CORPORATION BERHAD ("TCB" OR "COMPANY") - (i) PROPOSED ACQUISITION; AND (ii) PROPOSED ACQUISITION II (AS DEFINED BELOW)
|TALIWORKS CORPORATION BERHAD|
TALIWORKS CORPORATION BERHAD ("TCB" OR "COMPANY") - (i) PROPOSED ACQUISITION; AND (ii) PROPOSED ACQUISITION II (AS DEFINED BELOW)
TALIWORKS CORPORATION BERHAD (“TCB” OR “COMPANY”)
(i) PROPOSED ACQUISITION OF THE ENTIRE EQUITY INTEREST IN SUNEDISON SOLAR HOLDINGS 1 PTE LTD, SUNEDISON SOLAR HOLDINGS 2 PTE LTD, SUNEDISON SOLAR HOLDINGS 3 PTE LTD AND TERRAFORM GLOBAL OPERATING (MALAYSIA) SDN BHD BY TALIWORKS RENEWABLES SDN BHD, FROM EM HOLDINGS 1, LLC, EM HOLDINGS 2, LLC, EM HOLDINGS 3, LLC AND TERRAFORM GLOBAL PALMARES HOLDING B.V. RESPECTIVELY, ALL OF WHICH ARE INDIRECT WHOLLY OWNED SUBSIDIARIES OF TERRAFORM GLOBAL OPERATING LP (“PROPOSED ACQUISITION”); AND
(ii) PROPOSED ACQUISITION OF THE REMAINING EQUITY INTEREST IN FORTUNE 11 SDN BHD, CORPORATE SEASON SDN BHD AND SILVERSTAR PAVILION SDN BHD BY TALIWORKS RENEWABLES SDN BHD, A WHOLLY OWNED SUBSIDIARY OF TCB, FROM SEV RENEWABLES SDN BHD (“SEV RENEWABLES”), A WHOLLY OWNED SUBSIDIARY OF SUN ENERGY VENTURES SDN BHD (“SEV”) (“PROPOSED ACQUISITION II”)
(Capitalised terms used in this announcement shall have the same meanings as those used in the Company’s announcements dated 30 November 2020, 15 December 2020 and 18 December 2020, unless otherwise stated.)
We refer to the Company’s announcements dated 30 November 2020, 15 December 2020 and 18 December 2020 in relation to the Proposed Acquisition and Proposed Acquisition II.
The Company wishes to announce that the Company is in receipt of two letters from the Sustainable Energy Development Authority (“SEDA”), both dated 4 March 2021, pursuant to which SEDA’s conditional approval for the changes in shareholdings in relation to the Proposed Acquisition and the Proposed Acquisition II has been granted, subject to the following conditions:
(a) Fortune 11 Sdn Bhd, Corporate Season Sdn Bhd and Silverstar Pavilion Sdn Bhd (collectively, referred to as “FIAHs”) shall not breach any provisions under Subsection 10(1) of the Renewable Energy Act 2011 (“REA”);
(b) the FIAHs shall comply with all other applicable laws as stated under Section 57 of the REA;
(c) the FIAHs shall comply with Condition 16 of the Public License (Generation) under Section 9 of the Electricity Supply Act 1990 issued by the Energy Commission Malaysia (“EC”);
(d) the FIAHs shall not breach the eligibility condition under the feed-in approval which limits the shareholding of a foreign person/company to only 49% as stated under Rule 3(c) of the Renewable Energy (Feed-In Approval and Feed-In Tariff Rate) Rules 2011 (“Renewable Energy Rules”), any provisions under Rule 2 of the Renewable Energy Rules and Section 4 of the Companies Act 1965;
(e) the FIAHs shall comply with the provisions under Rule 15 of the Renewable Energy Rules where a feed-in approval holder is required to inform SEDA in writing as soon as possible on any change in the particulars of information submitted to SEDA under Rule 10 of the Renewable Energy Rules; and
(f) each of the FIAHs is required to update the current status of its shareholders in the e-FiT system after the approval from the EC in relation to paragraph (c) above has been obtained and to make changes to the details of its shareholding with the Companies Commission of Malaysia.
The approval from the EC (as referred to in paragraph (f) above) has not been obtained as at the date of this Announcement and the Company will make the necessary announcement(s) on Bursa Malaysia Securities Berhad on any material development in relation to the Proposed Acquisition and Proposed Acquisition II in due course.
This announcement is dated 12 March 2021.
|Company Name||TALIWORKS CORPORATION BERHAD|
|Date Announced||12 Mar 2021|
|Category||General Announcement for PLC|