KUALA LUMPUR: AHB Holdings Bhd, a consumer products and services provider, has received an offer to participate in the construction of a 30-megawatt (MW) hydropower plant in Jerantut, Pahang.
AHB plans to acquire shares in a hydropower company to secure the Pahang River hydropower plant construction project, sources said.
"The hydropower company has been approved by Tenaga Nasional Bhd to own, develop, operate and maintain a 30-megawatt mini hydropower plant on the Pahang River.
"Recently, the company offered AHB the opportunity to acquire a controlling stake," one of them said.
AHB also received a formal letter from a funder company expressing support and assistance in issuing senior Islamic sukuk to raise at least RM300 million to complete the acquisition and implementation of the mini hydropower plant project.
AHB, which is listed on the Main Board of Bursa Malaysia, appointed Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar, a member of the Johor royal family, as group chairman in 2023.
Tunku Kamariah also emerged as the largest shareholder of AHB last year.
Last week, AHB appointed corporate lawyer Flavio Porro as executive director.
Porro is an experienced lawyer with 25 years of expertise in corporate and commercial law, specialising in the oil and gas, renewable energy and energy sectors.
According to the sources who have reviewed AHB's proposal, the funder company is "very interested" with the offer received by AHB.
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.