OCK announced that it had entered into a conditional investment agreement with Zelestra Corporacion, S.A.U and Solarpack Asia Sdn Bhd ("SPK Asia") in relation to an investment in SPK Asia and the novation in favour of OCK of a loan granted by Zelestra to JKH Renewables Sdn Bhd based on an indicative enterprise value of RM350.00 million.

SPK Asia and JKH own 49% and 51% of the ordinary shares in Solarpack Suria Sungai Petani Sdn Bhd, the developer, owner and operator of the Solar Project.

This comes as OCK seeks to focus on growing its solar energy-related business by proactively capitalising on the growing demand for renewable energy solutions. OCK Group plans to invest in a solar photovoltaic power plant in Malaysia, namely 3SP, as part of its business development initiatives. 3SP is an independent power producer that owns and operates a large-scale solar ("LSS") PV power plant located in Kedah with the solar plant having achieved commercial operation date on 8 March 2022. 3SP also secured a 21-year power purchase agreement ("PPA") with Tenaga Nasional Berhad ("TNB"), awarded under Malaysia's Large-Scale Solar 3 ("LSS3") Scheme in 2022. Further details of 3SP are set out in Section 2.7 of this announcement.

At present, OCK is principally involved in telecommunication network services, green energy and power solutions, trading of telecommunications network products and mechanical and electrical engineering services. OCK Group intends to focus on expanding across all its business segments, taking proactive approaches to capitalise on opportunities in various growing industries and expanding its portfolio to include renewable energy, data centres and digital solutions.

Currently, OCK Group owns and manages approximately 29 solar generation assets in Malaysia. In order to grow effectively in the rapid evolving and competitive renewable energy industry, OCK aims to strengthen synergies, and scale up its solar
businesses in order to generate higher sustainable earnings for OCK Group.