Kumpulan Powernet Bhd (KP) has bagged a contract worth US$46.2 mil (RM192.68 mil) for a hydropower project in Nepal.
In an Aug 27 bourse filing, KP 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 Mahakulung VDC, 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,” KP said.
The target completion date for the project is within 36 months from the commencement date, or not later than Aug 31, 2023.
KP 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,” KP said.
KP’s shares were hovering 8.5% higher or RM3.19 at 2.46pm, giving the group a market capitalisation of RM360.73 mil.
