KUALA LUMPUR: Genetec Technology Bhd is exiting its battery energy storage joint venture (JV) with Citaglobal Bhd, by disposing of its 50 per cent stake in Citaglobal Genetec BESS Sdn Bhd (CG BESS) to its former partner.
The stake, which comprises 250,000 ordinary shares, will be acquired by Citaglobal New Energy Sdn Bhd (Citaglobal NE), a subsidiary of Citaglobal.
The transaction also includes a proposed debt transfer, where Genetec will transfer to Citaglobal NE all rights and interests regarding an intercompany balance of RM2.24 million that is currently owed by CG BESS to Genetec.
The total purchase consideration for both the equity disposal and the debt transfer is a nominal sum of RM1.00.
