AHB Receives Offer to Participate in Pahang Hydropower Plant Project

Kuala Lumpur, 28^th May 2024: AHB Holdings Bhd (AHB, Stock code: 7315) has recently received an offer to participate in the construction of a 30-megawatt (MW) hydropower plant, aligning with Malaysia’s renewable energy development initiative.

AHB plans to acquire shares in a hydropower company to secure the Pahang River hydropower plant construction project.

The hydropower company has been approved by Tenaga Nasional Berhad to own, develop, operate, and maintain a 30-megawatt mini hydropower plant on the Pahang River. Recently, the company has offered AHB the opportunity to acquire a controlling stake.

Meanwhile, AHB has also received a formal letter from a certain funder company expressing support and assistance in issuing senior Islamic bonds (sukuk/bond) to raise at least RM300 million to complete the acquisition and implementation of the mini hydropower plant project.

AHB and Flavio Porro

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it is a company listed on the Main Board of Bursa Malaysia. In 2023, the company appointed Princess Tengku Kamariah, the eldest sister of the Yang di-Pertuan Agong Sultan Ibrahim, as the group chairman. Princess Tunku Kamariah also emerged as the largest shareholder last year.

Last week, it also appointed prominent corporate lawyer Flavio Porro as executive director. Flavio Porro is an experienced lawyer with 25 years of expertise in corporate and commercial law, specializing in the oil and gas, renewable energy, and energy sectors.

According to sources who have reviewed the company’s proposal, the funder company is very interested in the offer received by the company. Both parties are currently in discussions, and the fund company has agreed to assist AHB in issuing senior Islamic bonds to raise over RM300 million.

The funder company has a record of successfully financing several large-scale infrastructure projects, which further piqued their interest in the company’s offer to participate in the large-scale hydropower plant project.