Thrive Property’s diversification attracts investors’ interest
KUALA LUMPUR: Thrive Property Group Bhd’s decision to diversify into the renewable energy business appears to have attracted investors’ interest.
Thrive Property’s share price has jumped from nine sen to 20 sen from the day the company signed a memorandum of understanding with China’s Hubei Guang Bo New Energy Co Ltd on March 15 to jointly manufacture wind-solar power generation equipment.
The joint venture provides Thrive Property the opportunity to gain additional capacity and the expertise of new technological knowledge in renewable energy.
Under the deal, the company’s facility in Kulim, Kedah, would manufacture solar equipment.
Both companies would be involved in research and development, production, assembly, distribution and marketing of power generation systems, including the off-grid and grid-connected wind power generation system.
Guang Bo’s products and systems are used in many industries as well as the meteorological observation station in Sichuan Province.
Its energy products are also used in hotel engineering projects in Shandong, fish farming, plant growth lights, busstop sign lighting, traffic lights and highways.
On February 2, Thrive Property had proposed the issuance of one free bonus warrant for every two shares.
Each free warrant would entitle the warrant holders to be issued one new Thrive Property share by surrendering the warrant back to the company, with 10 sen as the exercise price of the warrant.
At the current price of 20 sen per Thrive Property share, each free warrant is worth 10 sen.
On Friday, its share price closed at a 52-week high of 20 sen, with 86,985,100 shares traded.
Jump in Thrive Property Group Bhd’s
share price since it signed a memorandum of understanding with China’s Hubei Guang Bo New Energy Co Ltd on