Pimpinan Ehsan Bhd (KL:PEB) has proposed to return RM62.9 million in cash to shareholders and voluntarily delist from Bursa Malaysia after its long-running PN16 regularisation plan with reNIKOLA Holdings Sdn Bhd fell through.
In a Bursa filing on Tuesday, the company said it plans a capital reduction exercise to distribute 91 sen per share to eligible shareholders, with the date to be announced later.
The proposed payout will be funded from cash reserves held in a custodian account, which stood at about RM65.17 million as at April 22, including interest earned.
Major shareholder Pitahaya (M) Sdn Bhd, which holds a 37.4% stake, is expected to receive about RM23.53 million. Substantial shareholder and director Lim Beng Guan, who owns 9.36%, is set to receive around RM5.89 million.
The proposal is subject to shareholder approval, court confirmation for the capital reduction, and Bursa Malaysia’s approval for the delisting. The group aims to complete the process by the third quarter of 2026.
The move follows reNIKOLA’s decision to withdraw from the proposed regularisation plan, which led Pimpinan Ehsan to conclude it would not meet Bursa’s June 30 deadline to submit a new plan.
The company said returning cash to shareholders is the best option in light of the situation. After the cash distribution and delisting, it also plans to proceed with a voluntary winding-up, with any remaining funds to be distributed to shareholders.
Pimpinan Ehsan has been classified as a PN16 cash company since 2018 after disposing of its TRIplc Bhd subsidiary. It had since attempted to regularise its status through renewable energy asset injections involving reNIKOLA, but the plan was ultimately abandoned.
Shares of Pimpinan Ehsan were untraded on Tuesday. The counter last closed at 81.5 sen, valuing the company at RM56.3 million.
