Vsolar denies setting up private waste treatment plant

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KUALA LUMPUR: Vsolar Group Bhd has denied that it is in talks with the Sustainable Energy Development Authority (Seda) to set up a 20mw private waste treatment plant.

Vsolar (fundamental: 0.6; valuation: 0) told Bursa Malaysia that none of the officials from the company and its subsidiaries had met with Seda to discuss the setting up of a 20mw private waste treatment plant.

The denial follows a local report quoting unnamed sources that Vsolar is currently negotiating with Seda to build the treatment plant in either Rawang or Melaka. The proposed project would be located on 100 acres (40.46ha) of land.

Clarifying the matter, Vsolar informed Bursa that “as of today (yesterday), Vsolar is principally an investment holdings company as well as a renewable energy, media publishing, software solutions and production house”.

“In this premise, the board of directors of the company reiterates that neither the company nor its subsidiaries carry out business activities on the construction or operations of the waste treatment plant or any related business,” said Vsolar.

Vsolar shares have been actively traded in the past three months, surging from a low of 11.5 sen in January to 38 sen on April 22.

 

This article first appeared in The Edge Financial Daily, on May 8, 2015.