Cypark partners Johor state for waste-to-energy project
15 Mar 2021
Cypark Resources Bhd said today it has entered into a cooperation agreement with the Johor state government to participate in a waste-to-energy (WTE) project in Batu Pahat, Johor.
The cooperation agreement documents were entered between Cypark and Permodalan Darul Ta’zim Sdn Bhd (PDT), a wholly-owned company of the Johor state government under a public-private partnership, Cypark said in a filing today.
The tender for the project was issued by the Ministry of Housing and the Local Government, Cypark added. No details were given as to the plant’s capacity or the targeted commission date.
“The agreement allows PDT and Cypark to jointly collaborate to explore, develop and resolve the state’s waste management issues using time-tested and environmentally friendly technologies which include the development of WTE projects in the state of Johor.
“Through this collaboration, Cypark is confident that the joint venture will move Cypark one step closer towards realising its goal to develop the second WTE project after developing Malaysia’s first WTE project at Ladang Tanah Merah, Negeri Sembilan,” Cypark said.
Shares of Cypark fell nine sen or 6.29% to RM1.34 today, valuing the group at RM655.3 million.
Source: The Edge Markets