Premier Energies Limited has announced the approval of incorporating a wholly-owned subsidiary in Singapore, named ‘PE Horizon Pte. Ltd.’, to focus on the clean energy industry. The company also approved an intra-group shareholding reorganization involving Premier Energies Storage Solutions Private Limited (PESSPL) and Premier Battery Technologies Private Limited (PBTPL) through a share swap. This move aims to consolidate battery and energy storage businesses.
Singapore Subsidiary for Clean Energy Ventures
Premier Energies Limited’s Board of Directors has given its nod for the incorporation of a new wholly-owned subsidiary in Singapore. The entity, to be named ‘PE Horizon Pte. Ltd.’ or a similar approved name, will engage in trading, management consulting, and ancillary activities within the clean energy industry, including related capital goods. The company has approved an Overseas Direct Investment of up to SGD 1,00,000, with an initial investment of SGD 10,000, acquiring 100% of the subsidiary’s share capital.
Intra-Group Shareholding Reorganization
In a strategic move to streamline its operations, Premier Energies will transfer its entire shareholding in its wholly-owned subsidiary, Premier Energies Storage Solutions Private Limited (PESSPL), to another subsidiary, Premier Battery Technologies Private Limited (PBTPL). This transaction will be executed via a share swap, with consideration payable through equity shares issued by PBTPL to the Company. Following this, PESSPL will become a step-down subsidiary of Premier Energies, with no change in the company’s ultimate beneficial ownership.
Consolidating Battery and Energy Storage Businesses
The primary objective of this reorganization is to consolidate the company’s battery and energy storage-related businesses under a unified sub-holding structure led by PBTPL. This initiative aims to simplify Premier Energies’ corporate holding structure and align with its diversification into battery and energy storage solutions. The transaction is expected to be completed within approximately 60 days and is considered an arm’s length transaction, approved by the Audit Committee.
Source: BSE
