UUE (KLSE:UUE) and its wholly owned subsidiary, Enerxite, signed agreements to launch a new business venture in the renewable energy sector.
UUE will subscribe to 599,990 new shares in Enerxite for 599,990 ringgit, while Daryl Lai Yit Sheng, an experienced mechanical engineer in solar energy, will subscribe to 400,000 new shares for 400,000 ringgit.
Following the share subscriptions, UUE will hold 60% equity in Enerxite, and DLYS will own 40%.
The agreement provides for proportional equity in future capital raising, with provisions for alternative offerings should any party decline participation.
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