Tex Cycle up 1.29% on plan for maiden project in UK to kick-start by end-2020

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KUALA LUMPUR (Sept 12): Tex Cycle Technology (M) Bhd shares rose 1.29% this morning after the firm said it is targeting to kick-start the operation of its first waste-to-energy plant in the UK by end-2020.

At 9.11am, Tex Cycle added 0.5 sen to 39 sen for a market capitalisation of RM99.91 million.

The plant is estimated to cost about £5 million (RM25.83 million) and generate 20% of the company's net profit after it commences operations, said its chief financial officer Geraldine Hii Siaw Wei.

Its chief executive officer Gary Dass said the funding of the plant will be sourced externally, and the financing part is now handled by its joint venture (JV) partner, Culzean Generation Ltd.

The plant will be located in Ellesmere Port, and will have capacity to produce 2 megawatts of electricity for the first 12 months.