NUENERGY HOLDINGS BERHAD (NHB)

NuEnergy Holdings Berhad (NHB) — From Logistics to Solar Energy

NuEnergy Holdings Berhad (stock code: 5614) represents one of the most dramatic business transformations in recent Bursa Malaysia history. This is not the logistics company you might remember. Within less than three years, it has completely pivoted its core business into the fast-growing solar energy sector.

The Transformation Journey

This transformation was substantive, not cosmetic. The company has:

• Disposed of all logistics assets (including Hengyang Petrochemical Logistics and partial Integrated Mits stake)
• Built a solar IPP portfolio of approximately ~30 MWp
• Established full EPCC (Engineering, Procurement, Construction & Commissioning) capability
• Secured RM326 million worth of solar contracts within a single year

Two Core Business Segments

1. Solar IPP (Independent Power Producer)

NuEnergy now owns a solar IPP portfolio of approximately ~30 MWp, comprising:

• EVN Vision (1 MW): Solar asset in Penang
• IL Solar (10 MW): LSS1 project in Bukit Kayu Hitam, Kedah — operational with stable feed-in tariff income
• Armani Energy (~16.9 MWp): NEM (Net Energy Metering) and C&I (Commercial & Industrial) assets — acquired July 2024 for RM68 million

IPP revenue is recurring and stable — electricity payments under feed-in tariff and NEM agreements lasting 21-25 years.

2. EPCC (Engineering, Procurement, Construction & Commissioning)

Through Armani Sinar Sdn Bhd (acquired July 2024 for RM30 million), NuEnergy can now design, build, and commission solar projects for external clients. This opens a significant new revenue stream:

• RM56 million contract: 15MWac solar project in Beaufort, Sabah
• RM270 million contract: 65MWp solar + 200MWh BESS in Pasir Gudang, Johor (from Binastra Green Energy)
• Sunmate Energy joint venture with Sunview Group for residential solar

Shariah Status

Controlling Shareholder — Agrobulk Holdings

In October 2025, Agrobulk Holdings Sdn Bhd (a fertilizer group) successfully took over NuEnergy at RM0.60 per share and now holds a 58% controlling stake. Agrobulk is a private company, so detailed information on their strategic intent is limited.

The takeover price of RM0.60/share is noteworthy — the current price of RM0.52 is still 13% below the original takeover offer price, providing a psychological price floor.

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