Charisma Energy Services exits electricity retailing business

CATALIST-listed Charisma Energy Services is exiting the electricity retailing business.

Charis Electric, a joint venture company that is 50 per cent-owned by Charisma, had obtained an electricity retail licence in Singapore in July 2016, but was never profitable, the group said on Sunday.

Both joint venture partners have agreed to stop spending more resources to further support the business.

Charis Electric will be winding up via a creditors' voluntary liquidation. Messrs Chee Yoh Chuang and Lin Yueh Hung have been appointed to act as the joint and several liquidators of Charis.  

The event is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group.

Originally, Charis Electric was envisioned as a way for Charisma to capture yet another segment of the power generation value chain. Ezion Holdings was the joint venture partner at the time.