Penang's Tek Seng, Taiwan's Solartech in RM100m deal
- TEK SENG HOLDINGS BHD TEKSENG (7200)
KUALA LUMPUR: Tek Seng Holdings Bhd has entered into a memorandum of understanding (MoU) with Taiwan-listed Solartech Energy Corp, which will invest RM100mil in a subsidiary of Tek Seng.
In a filing with Bursa Malaysia, Tek Seng said under the MoU, Solartech would invest in Tek Seng’s 86.1% owned-subsidiary, TS Solartech Sdn Bhd.
It added that both parties shall negotiate the terms of the proposed investment in good faith and the MoU would lapse if the parties were unable to finalise the terms of the proposed investment.
Established in Taiwan in 2005, Solartech is one of the pioneers in the solar PV industry. Solartech is principally engaged in the manufacturing of solar cells in Taiwan providing multi-crystalline and mono-crystalline solar cells, solar modules and systems.
Earlier, Penang-based Tek Seng was issued an unusual market activity query by Bursa on the recent rise in its price and volume of shares.
The stock finished yesterday 6 sen higher to 84.5 sen, its all-time high, with 28.9 million shares traded.
