Thursday 28 Mar 2024
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KUALA LUMPUR (Apr 23): Minetech Resources Bhd's 70%-owned subsidiary Coral Power Sdn Bhd has bagged a contract to build a large-scale solar photovoltaic (PV) plant of 9.99 MWac of capacity in Manjung, Perak at the offer price of 37.5 sen per kWh for a period of 21 years.

In a filing with Bursa Malaysia today, Minetech said Coral Power has accepted the letter of award from the Energy Commission for the proposed project.

"The commercial operation date will not be later than Aug 31, 2020 and is expected to contribute positively to the group's earnings and net assets after 2020," it added.

Minetech said as the project is subject to normal business risks such as increase in cost due to any escalation of material cost and availability of skilled manpower, the group will put in place control measures and operational procedures to reduce the impact or likelihood of such events.

"The board believes that the group is able to mitigate any of the aforesaid risk factors," it added.

Minetech shares closed down 0.5 sen or 4.76% at 10 sen today, with 169,000 shares done, bringing it a market capitalisation of RM76.16 million.

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