Bina Puri inks MoU for providing renewable energy power solutions

16 Apr 2021

KUALA LUMPUR (April 16): Construction company Bina Puri Holdings Bhd said it has entered into a collaboration to explore opportunities of providing renewable energy power solutions, including rooftop solar power solutions as well as establishing and managing electric vehicles charging facility initiative programmes.

According to a bourse filing today, the group inked a memorandum of understanding (MoU) with Pestech International Bhd yesterday.

Pestech is an integrated electrical power technology company that offers solutions for High Voltage (HV) and Extra High Voltage (EHV) electrical systems which include engineering, procurement, construction and commissioning (EPCC) for power transmission systems.

The group has gradually diversified its business to include provision of comprehensive solutions for photovoltaic power plants and green electric vehicles charging infrastructure, according to Bina Puri.

Bina Puri said the MoU — which will remain in effect for one year — is aligned with the market’s green initiatives that are expected to bring value creation to the businesses.

Furthermore, it also brings synergetic effect for both groups as they have the opportunity to enhance their business portfolios and create additional revenue streams to grow business performance.

It said the MoU will have no material effect on earnings, revenue and net assets per share of Bina Puri for the financial year ending June 30, 2021, adding that it is expected to contribute positively to the future earnings of the group.

Bina Puri fell half a sen or 5.26% to close at nine sen, giving the group a market capitalisation of RM79.93 million.

Source: The Edge Markets