ILB Group unit makes double buy

PETALING JAYA: ILB Group Bhd’s wholly owned subsidiary IL Energy Sdn Bhd (ILE) has agreed to purchase all of Armani Sinar Sdn Bhd and the solar assets of Armani Energy Sdn Bhd for a combined total consideration of RM98mil.

The agreement with Armani Sinar to buy one million ordinary shares worth RM30mil was made between ILE and Andy Woo Weng Kok, while the second deal was for the acquisition of a solar photovoltaic energy-generating system for a sum of RM68mil.

Woo also holds 39% of Armani Energy.

Both purchases would be financed through a combination of internal funds and bank borrowings, the proportion of which will be determined by ILB Group at a later date, it said in a filing with Bursa Malaysia.