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Samaiden subsidiary clinches solar power plant contract

Samaiden subsidiary clinches solar power plant contract

01 Jul 2021

Samaiden Group Bhd said its wholly-owned subsidiary Samaiden Sdn Bhd had today accepted a letter of award to undertake, among others, engineering, procurement, construction and commissioning (EPCC) work for a proposed 10MWac solar power plant in Penang for a contract price of RM46.4 million.

In a Bursa Malaysia filing today, Samaiden Group said the EPCC project at Nibong Tebal includes design, supply, delivery, installation, testing and commissioning work portions.

Samaiden Group said Samaiden Sdn Bhd received the letter of award from Greenviro Solutions Sdn Bhd, “which is in the business of providing solid waste management services and is also involved in renewable energy generation through harvesting of solar energy, extracting landfill methane gas and developing anaerobic digester system for electricity production”.

“The commencement of the works shall be on Sept 1, 2021, which is also the commencement date of the project upon Greenviro achieving the financial close by satisfying the conditions precedent for the initial drawdown under such financing documents for the total construction costs of the project and issuance of notice to proceed to Samaiden Sdn Bhd. 

“Samaiden Sdn Bhd shall complete all the works to achieve the scheduled completion date which shall fall on Dec 1, 2022, i.e. within 12 months from the site possession date of Dec 1, 2021, or such other extended period as provided in the award,” Samaiden Group said.

According to Samaiden Group, the company’s independent non-executive chairman Datuk Dr Nadzri Yahaya is the honorary chairman of Greenviro. 

“For avoidance of doubt, he is neither a director nor a shareholder of Greenviro,” Samaiden Group said.

Samaiden Group said that barring any unforeseen circumstances, the project is expected to contribute positively towards the future earnings of the group.

At Bursa’s 12:30pm break today, Samaiden Group’s share price settled one sen or 0.8% higher at RM1.26, which values the company at about RM234.79 million. Samaiden Group has 186.34 million issued shares.

Source: The Edge Markets

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