Cepatwawasan Sells 40% Stake in Biomass Power Plant to Timah Resources for RM31.61 Million
Cepatwawasan Group Bhd's subsidiary Cash Nexus (M) Sdn Bhd has agreed to sell a 40% stake in Cash Horse (M) Sdn Bhd, which operates a 12MW biomass power plant in Sandakan, Sabah, to Timah Resources Ltd for RM31.61 million. The sale aims to enhance the value of Cepatwawasan's renewable assets and provide liquidity through Timah shares. The original investment in Cash Nexus was RM23.5 million, and as of December 31, 2024, Cash Horse reported a profit after tax of RM2.33 million and net assets of RM77.41 million.
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Cepatwawasan Group Bhd's Cash Nexus (M) Sdn Bhd will sell a 40% stake in Cash Horse (M) Sdn Bhd to Timah Resources Ltd for RM31.61 million. Cash Horse operates a 12MW biomass power plant in Sandakan, Sabah.
This transaction is part of Cepatwawasan's strategy to highlight the value of its renewable assets and improve liquidity through Timah shares. The initial investment in Cash Nexus was RM23.5 million, made in 2009 and 2024.
As of December 31, 2024, Cash Horse had a profit after tax of RM2.33 million and net assets of RM77.41 million. The disposal is expected to yield a pro forma gain of approximately RM650,000.
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