27 December 2018 12:00 am Views - 1232
Resus Energy PLC, a venture capital company, is to amalgamate with its wholly-owned mini-hydro subsidiary companies, which will alter the nature of business carried out by the company thus far.
A stock market filing by Resus Energy said the amalgamation would centralize and streamline the operational and administrative functions pertaining to the mini-hydro power projects carried out by the subsidiaries, which would enhance the shareholder returns.
The amalgamation will result in Resus Energy directly carrying on the business of electricity generation for supply to the national grid.
The subsidiaries subjected to the amalgamation will be Giddawa Hydro Power (Pvt.) Ltd, Upper Agra Oya Hydro Power (Pvt.) Ltd and Okanda Power Grid (Pvt.) Ltd.
The effective date of the amalgamation will be February 28, 2019.
Resus Energy has called for an extraordinary general meeting on January 18 to obtain the shareholder approval for the proposed amalgamation.
ACL Cables and Trydan Partners (Pvt.) Ltd both have 32.53 percent each in Resus Energy PLC.