Friday 29 Mar 2024
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KUALA LUMPUR (Jan 28): KPower Bhd’s wholly-owned subsidiary KPower Engineering Sdn Bhd has secured from Fabulous Sunview Sdn Bhd a RM104.97 million solar power plant contract under which KPower Engineering will, among others, procure and maintain equipment for the proposed 50MWac photovoltaic entity, which will produce electricity from sunlight in Malaysia.

In a filing with Bursa Malaysia on Friday (Jan 28), KPower said KPower Engineering had accepted the letter of award for the project from Fabulous Sunview.

"Fabulous Sunview and KPower Engineering shall enter into a sub-contract agreement not later than March 31, 2022,” KPower said.

According to KPower, work commencement for the photovoltaic plant is subject to the issuance of notice to proceed by Fabulous Sunview to KPower Engineering.

KPower said work will be carried out based on the engineering design and requirements prepared by Fabulous Sunview for the photovoltaic plant.

KPower Engineering will complete work for the photovoltaic plant by the scheduled completion date, which is not later than Feb 28, 2023, according to KPower.

"The award [of the project] is expected to contribute positively to the net assets, consolidated earnings, and earnings per share of the company (KPower) for the financial year ending June 30, 2022 to June 30, 2023,” KPower said.

At 3:55pm on Friday, KPower’s share price was up 1.5 sen or 4.76% at 33 sen for a market capitalisation of about RM149.27 million.

KPower has 452.33 million issued shares.

Edited ByChong Jin Hun
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