Samaiden subsidiary secures RM115.6m power plant contract

Samaiden subsidiary secures RM115.6m power plant contract
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KUALA LUMPUR (Nov 23): Samaiden Group Bhd’s wholly-owned subsidiary Samaiden Sdn Bhd has secured a RM115.6 million contract from BTM Resources Bhd’s wholly-owned subsidiary BTM Biomass Products Sdn Bhd to develop a biomass-based power plant in Terengganu.

Samaiden Group said in a Bursa Malaysia filing today that Samaiden Sdn Bhd had received and accepted the engineering, procurement, construction and commissioning (EPCC) project’s letter of award from BTM Biomass to undertake, among others, EPCC work in relation to the development of a 10MWac biomass power plant at Lot 153-C, Mukim Hulu Chukai in Teluk Kalong, Terengganu.

"Samaiden Sdn Bhd shall guarantee to commission the plant at the minimum output based on the approved requirements by Tenaga Nasional Bhd (TNB), the Sustainable Energy Development Authority (SEDA) and/or other related local authorities within the stipulated timeline mutually agreeable by both parties,” Samaiden Group said.

Work commencement will be on Jan 2, 2021 for completion within 23 months, according to Samaiden Group.

At Bursa’s 12.30pm break today, Samaiden Group’s share price had risen nine sen or 6% to RM1.59, with a market value of about RM331.8 million.

The counter saw 56.53 million shares traded.

Chong Jin Hun