Integrated Logistics inks MoU with HK firm to bid for large scale solar project 

Integrated Logistics inks MoU with HK firm to bid for large scale solar project

Integrated Logistics inks MoU with HK firm to bid for large scale solar project

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KUALA LUMPUR (July 23): Integrated Logistics Bhd is partnering with Shun Hing Overseas Investment Ltd (SHOL) to participate in the bidding for the Large Scale Solar Photovoltaic Edition 3 (LSS3) project. 

The government had earlier this year, called for bids for RM2 billion worth of projects under LSS3, to increase electricity generation from renewable energy. On July 11, Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin said Putrajaya will be calling out for more bids by the end of next year.  

In a filling with Bursa Malaysia, Integrated Logistics said its wholly-owned subsidiary, IL Energy Sdn Bhd, inked a memorandum of understanding (MoU) with SHOL today.

It said the parties have agreed to use IL Power Sdn Bhd, a wholly-owned subsidiary of IL Energy, as the intended proposed joint venture company to bid for the LSS3 project. 

Upon confirmation of successful bidding for the project, IL Energy will have a 70%  stake in IL Power, and SHOL will hold the remaining 30%.

SHOL is a subsidiary of Shun Hing Group, which is the exclusive distributor for Panasonic products in Hong Kong and Macau for more than 65 years.

Shun Hing has a broad spectrum of businesses, including engineering, telecommunications systems, business equipment, system installation and maintenance, and agent or distributor for brands of international heritage in home appliances, audio-visual, health and beauty care, kitchen and household products, office furniture and cold chain products. 

Integrated Logistics said it expects this partnership to contribute positively to its future earnings, if the bid for the LSS project is successful.

Integrated Logistics’ share price closed one sen or 2.7% lower at 36 sen today, giving it a market capitalisation of RM68 million. Year-to-date, the stock has retreated 22.58%.