Sunview Group Berhad, a well-known solar panel manufacturer, recently stated that its wholly-owned subsidiary, Vafe System Sdn Bhd, has signed a share sale agreement and shareholder agreement to purchase a 20 per cent stake in Winstar Aluminium Manufacturing Sdn Bhd for RM12 million. Aluminium, metal, and alloy are the primary products that Winstar, a limited liability business, produces, fabricates, processes, and sells.
"Post-acquisitions, Sunview will have access to its own aluminium alloy solar mounting system through Winstar. The measure will allow the group to reduce its dependency on external suppliers of the aluminium alloy solar mounting system," said Sunview CEO and ED Ong Hang Ping.
Sunview CEO and ED Ong Hang Ping said that the purchase of Winstar is in keeping with the group's long-term aim to build a sustainable ecosystem in the renewable energy sector. According to Ong, the business is experiencing a rise in the cost of aluminium and associated items due to the reopening of the economy and increased demand for solar PV panels in the global environment.
Winstar manufactures, fabricates, processes, and sells aluminium, metal, and alloys, while Vafe System primarily involves solar power production and delivery. The transaction will be finalised within six months of the share sale agreement's signing.
"The acquisition of Winstar will allow Sunview to achieve better cost optimisations, translating to better profit margins in the long run," added Ong.
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