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Kejuruteraan Asastera spends RM5.3m to expand solar PV portfolio

Kejuruteraan Asastera spends RM5.3m to expand solar PV portfolio

18 Aug 2022

Kejuruteraan Asastera Bhd (KAB) is expanding its solar photovoltaic (PV) portfolio, with the recent acquisition of Matahari Suria Sdn Bhd (MSSB), which is mainly engaged in the sale and generation of solar energy. 

The engineering and energy solutions provider, through its wholly-owned unit KAB Energy Holdings Sdn Bhd, signed a share sale agreement with Unique Forging & Components Sdn Bhd to acquire the entire equity of MSSB for RM5.3 million. 

MSSB owns a rooftop solar PV system on the rooftop of Universiti Teknologi Malaysia here, and has an ongoing power purchase contract to supply energy to Tenaga Nasional Bhd (TNB) under a feed-in tariff concession of RM0.98 per kWh up to 2037, according to KAB in a statement.

This expanded KAB’s solar PV portfolio to three states, spanning Kuala Lumpur, Selangor and Kelantan, said managing director Datuk Lai Keng Onn, adding that this is an important growth strategy for the group’s sustainable energy solutions segment.

“We will continue to identify more opportunities in solar PV and other renewables sources, alongside Malaysia’s push for a higher renewable energy mix in the national installed energy capacity,” he added.

At noon break on Thursday (Aug 18), KAB shares were 1.22% lower at 40.5 sen, valuing the group at RM732.24 million. 

Source: The Edge Markets