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ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD.
12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD.

3. ACQUISITION OF OIE ATPC HOLDINGS (M) SDN. BHD.

 

On January 3, 2024, the Company together with Oriental Industries Enterprise (M) Sdn. Bhd. (“OIE”) formed an equity method investment entity, OIE ATPC Holdings (M) Sdn. Bhd. (“OIE ATPC”) in which the Company and OIE each owns 50% equity interest at the cost of $108. On March 14, 2024, the Company acquired the remainder 50% of equity at cost of $107 from OIE. On June 7, 2024, the entity changed its name to ATPC Green Energy Sdn Bhd (“AGE”).

 

On January 8, 2024, ATPC Green Energy (“AGE”) formed a wholly own entity, OIE ATPC Exim (M) Sdn. Bhd. (“ATPC Exim”).

 

As both AGE and ATPC Exim are newly formed, the Company considered the cost of investment is the fair value of the assets acquired.