Sunview Group Berhad, a renewable energy player involved in, amongst others, engineering, procurement, construction, and commissioning (EPCC) announced that its wholly-owned subsidiary, Vafe System Sdn Bhd has entered into a share sale agreement and shareholder agreement to acquire a 20.0% shareholding in Winstar Aluminium Manufacturing Sdn Bhd from Chua Nyok Chong for RM12.0 million.
Winstar is a private limited company engaged in the manufacturing, fabricating, processing and selling of aluminium, metal, and alloy. The acquisition of Winstar is being undertaken through bank facilities from a financial institution.
The acquisition is expected to be completed within six months from the date of the share sale agreement.
Sunview Group Berhad’s chief executive officer & executive director Ong Hang Ping said, “The acquisition of Winstar is in line with the Group’s long-term strategy to create a sustainable ecosystem in the renewable energy industry. Post-acquisitions, Sunview will have access to its own aluminium alloy solar mounting system through Winstar. The measure will allow the Group to reduce its dependency on external suppliers of the aluminium alloy solar mounting system. With reopening of the economy and increasing demand for solar photovoltaic panels in the global landscape, we are seeing an increase in aluminium and related products pricing. The acquisition of Winstar will allow Sunview to achieve better cost optimisations, translating to better profit margins in the long run.”
