ACROMEC announces share swap with biomass-to-energy JV partner, Nutara Investment for joint ownership of Neo Tiew Power through Acropower
It is to be noted that the effective interest of ACROMEC, the JV Partner, and Green Energy Resources in Neo Tiew Power (including through Acropower) remain unchanged before and after the Share Swap.
- It is to be noted that the effective interest of ACROMEC, the JV Partner, and Green Energy Resources in Neo Tiew Power (including through Acropower) remain unchanged before and after the Share Swap.
- For information, Neo Tiew Power owns and is in the midst of commissioning the biomass-to-energy plant situated at Chew's Agriculture poultry farm at Neo Tiew Road.
- Nutara Investment effectively moves away from being a mere investor in New Tiew Power, to a fellow valued strategic partner in Acropower.
- The transactional documents executed to implement the share swap comprise, inter alia, a conditional share subscription agreement and a joint venture agreement.