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Property News

Sunview’s unit ups stake in aluminium firm to 30%

KUALA LUMPUR (Dec 26): Sunview Group Bhd said its unit is buying Mestron Holdings Bhd’s 10% stake in Winstar Aluminium Manufacturing Sdn Bhd, raising the group’s interest in the aluminium firm to 30%.
The renewable energy group said its wholly owned indirect subsidiary, Vafe System Sdn Bhd, is buying the additional stake for RM6 million.
“The solar industry is undoubtedly booming. As aluminium-related components account for approximately 10% of the total components, our stake in Winstar enables us to establish a cost-effective supply chain for aluminium mounting structures sourced from the local market for use in the solar photovoltaic system,” said Sunview chief executive officer and executive director HP Ong.
“This is crucial in mitigating potential cost increases, as both the aluminium price and freight charges are expected to increase in the near future. To address the cost increase, we are taking proactive measures through our partnership with Winstar,” Ong said in a statement on Friday.
Winstar is engaged in the manufacturing, fabricating, processing and selling of aluminium, metal and alloy. Its production facilities are located on a six-acre site in Ijok, Selangor.
The remaining 70% stake in Winstar is held by its directors Chua Nyok Chong (46.18%), Lee Yong Zhi (11.77%), Khoo Nee Cheng (10.05%) and Chua Boon Hong (2%).
Mestron, in a separate bourse filing, said its disposal of the 10% stake in Winstar would enable the group to use the sale proceeds, and generate additional cash flow, for its business operations and working capital purposes.
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Source: EdgeProp.my

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