KUALA LUMPUR (July 1): Samaiden Group Bhd announced today that its wholly-owned subsidiary Samaiden Sdn Bhd had accepted a letter of award for RM46.4 million to conduct engineering, procurement, construction, and commissioning (EPCC) work for a projected 10MWac solar power plant in Penang. Samaiden Group stated the EPCC project at Nibong Tebal involves design, supply, delivery, installation, testing, and commissioning work in a Bursa Malaysia filing today.
Greenviro Solutions Sdn Bhd, “which is in the business of providing solid waste management services and is also involved in renewable energy generation through solar energy harvesting, extracting landfill methane gas, and developing anaerobic digester system for electricity production,” according to Samaiden Group.
“Samaiden Sdn Bhd shall commence the works on September 1, 2021, which is also the project’s start date, upon Greenviro achieving 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.
Greenviro’s honorary chairman is Datuk Dr Nadzri Yahaya, the company’s independent non-executive chairman, according to Samaiden Group.
“For the avoidance of doubt,” Samaiden Group stated, “he is neither a director nor a stakeholder of Greenviro.”
The project is likely to contribute positively to Samaiden Group’s future revenues, barring any unforeseen situations, according to the company.
Samaiden Group’s share price finished one sen or 0.8 percent higher at RM1.26 at Bursa’s 12:30pm break today, valuing the firm at around RM234.79 million. The Samaiden Group has 186.34 million shares in circulation./n
