KUALA LUMPUR (Nov 21): Teo Seng Capital Bhd has today signed a memorandum of agreement (MoA) with Solarvest Holdings Bhd to install solar photovoltaic panels across Teo Seng's chicken farms and factories in Johor.

In a statement to Bursa Malaysia today, the egg producer said it has earmarked approximately RM13 million for the installations, which involve about 4,000 kilowatt-peak (kWp) of electricity output.

"This investment is in line with Teo Seng's aspiration of being an environmentally sustainable organisation as well as supporting the government's initiatives to encourage the use of green energy.

"The renewable energy generated will be used for the daily operations of Teo Seng's facilities and is expected to bring savings to Teo Seng's electricity costs and positively contribute to the global environment conservation efforts," Teo Seng said.

According to Teo Seng, the MoA, which is valid for three years from the date of signing, will also lapse upon Teo Seng and Solarvest entering into separate engineering, procurement and construction agreements.

At Bursa's 12:30pm afternoon break today, Teo Seng's share price settled down six sen or 4.32% at RM1.33. The stock saw 10.64 million shares traded.