SINGAPORE: Singapore-listed IT solutions and services provider Netelusion is making a reverse takeover of Malaysian-based Agni in a deal worth up to US$236 million.

In a late-night filing to the Singapore Exchange, Netelusion says it will fund the deal by issuing new ordinary shares to Agni at about 6.65 Singapore cents each.

The deal will mean that Netelusion, which has been losing money, will be transformed into a renewable energy company.

Agni is a leading player in the field of alternative clean energy generation technology.

It designs, develops, manufactures and operates efficient and environment-friendly power generation projects that service the growing demand for renewable energy.

The firm has research and production facilities in Malaysia and the United States.

It also has operations in Portugal, Spain and the United Kingdom.

In financial year 2007, Agni reported a net profit of US$5.9 million, up more than three-fold from the year before.

Netelusion says the deal will allow it to acquire a viable business with a profitable track record and go into an industry with attractive growth potential.

The deal is subject to shareholder approval. - CNA/de