Nestcon enters MOU to develop solar PV facilities for local safety glass firm
09 Aug 2022
Nestcon Bhd on Tuesday said it had entered into a memorandum of understanding (MOU) with Nam Heng Safety Glass Sdn Bhd (Nam Heng Glass) to develop solar photovoltaic (PV) facilities at properties owned by Nam Heng Glass including its related corporations in Malaysia.
Under the MOU, both parties will also explore opportunities for the Nam Heng Glass group to supply safety glass for potential projects to be undertaken by the Nestcon group.
Nam Heng Glass is principally engaged in the manufacture and marketing of safety glass, fabrication, installation and graphic design in glass and/or business of glasses trading.
In a Bursa Malaysia filing, Nestcon said the salient terms of the MOU include the group offering engineering, procurement, construction and commissioning services for roof mounted solar PV system to the Nam Heng Glass group.
It said the MOU would remain valid until the expiry, which is 24 months from the MOU, or such longer period as may be mutually agreed between both parties, or upon mutual agreement in writing between the two parties to terminate the MOU.
Neston noted the MOU is also expected to contribute positively to the earnings and net assets of the group upon the successful implementation and execution of the matter.
At lunch break, Nestcon’s shares were up 2.38% or one sen to 43 sen, which translates to a market value of RM276.8 million.
Source: The Edge Markets