KUALA LUMPUR (Aug 27): Kumpulan Powernet Bhd has secured a contract worth US46.2 million (RM192.68 million) for a hydropower project at Mahakulung VDC, Nepal.

In a bourse filing, the group said its wholly-owned subsidiary KPower International Ltd received a letter of award yesterday from Apex Makalu Hydro Power Pvt Ltd for the 22MW Mid Hongu Khola-A hydropower project in Nepal.

"The scope of work includes the engineering, construction, supervision, testing, commission, reliability test, remedy of defect during the defect liability period and provision of all equipment, both permanent works and temporary works in connection with the project," the company said.

The target completion date for the project is within 36 months from the commencement date, or not later than Aug 31, 2023.

It said the award is expected to contribute positively to the net assets, consolidated earnings and earnings per share of the company for the financial years ending June 30, 2021 to 2023.

"The board is of the opinion that the award is in the best interest of the company," it said.

At the midday break, shares in Kumpulan Powernet were 8.5% or 25 sen at RM3.19, valuing the company at RM360.73 million. It saw some 4.42 million shares traded.

Edited by Lam Jian Wyn