PETALING JAYA: Solarvest Holdings Bhd

has acquired 45 million placement shares in Hartanah Kenyalang Bhd

(HKB) at an issue price of 27.5 sen per placement share, for total cash consideration of RM12.4mil.

In a filing with Bursa Malaysia, Solarvest noted that with the share purchase it has become a substantial shareholder in HKB with a 6.6% stake.

HKB is principally involved in building and infrastructure construction services, with a primary focus on projects in Sarawak.

In a release, Solarvest stated the investment aligns with its strategic objective to strengthen its integrated clean energy ecosystem in East Malaysia.