Energy services provider KJTS Group Bhd has announced the completion of its acquisition of a 70.67% stake in specialist engineering firm iHandal Holdings Sdn Bhd.
The acquisition, valued at RM10.1 million in cash, was first announced on March 5 and has now been finalised as part of KJTS’ strategic expansion plans.
iHandal is known for its focus on energy efficiency solutions, particularly through its proprietary Heatfuse™ technology. The system is designed to capture and recycle waste heat generated from industrial processes, helping clients improve energy usage and reduce operational costs.
The company serves a diverse portfolio of commercial and industrial clients, including hotels, hospitals, and manufacturing facilities. Its operations extend across multiple regions, namely Southeast Asia, South Asia, Oceania, and North America, positioning it as a growing player in the energy optimisation space.
In an earlier filing, KJTS highlighted that the acquisition is expected to complement and strengthen its existing core businesses in cooling energy management and building support services. At the same time, it will enhance the group’s capabilities in delivering integrated energy optimisation solutions to its clients.
KJTS also noted that the acquisition was fully funded through internally generated funds and will not result in any changes to its share capital or major shareholding structure.
On the market front, KJTS shares closed two sen, or 2.6%, higher at 80 sen on Friday, giving the group a market capitalisation of approximately RM552.5 million.
