Thursday 28 Mar 2024
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KUALA LUMPUR (March 17): AWC Bhd has entered into a memorandum of understanding (MOU) with Ranhill Utilities Bhd in exploring opportunities and strategic collaborations to expand water business in Indonesia.

In its Bursa filing on March 17, the duration of the MOU is for twelve months from the date of signature unless terminated by both parties.

AWC is an investment holding company with subsidiaries in engineering services, while Ranhill is an investment holding company with businesses in environment, energy and engineering services.

The MOU will not have any effect on the share capital and substantial shareholders’ shareholdings of AWC, nor is it expected to have any immediate material effect on the earnings per share, net assets per share and gearing of the group for the financial year ending June 30, 2023.

Earlier in February 10, AWC had also entered into a MOU with Techkem Group Sdn Bhd and Alliance MEP (Sarawak) Sdn Bhd to jointly explore water infrastructure projects within the development of Nusantara National Capital City, Indonesia.

Its share price closed one sen or 1.96% higher to 52 sen on Friday, giving its market capitalisation of RM166.17 million.

Edited ByKamarul Azhar Azmi
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