KPOWER Bhd is making a comeback after undergoing various setbacks and challenges that came its way over the past months.
The company which specialises in renewable energy (RE) is now reinforcing its resources towards strengthening its businesses by capitalising on its strength as a formidable RE player within the region.
Through its wholly owned subsidiary KPower Engineering Sdn Bhd, it has been awarded a contract valued at RM104.97 mil by Fabulous Sunview Sdn Bhd to undertake the procurement, testing and maintenance of a solar photovoltaic (PV) plant with total capacity of 50 MWac (megawatt of alternating current) in Peninsular Malaysia.
The work is expected to be completed by Feb 28, 2023. The scope of work includes procurement of equipment and materials in connection to the project, provision of logistic works, testing works and the maintenance and security of equipment related to the project.
The relevant parties will enter into a sub-contract agreement not later than March 31.
“This award signifies a vote of confidence and trust by our business partners in the management, thus provided a huge encouragement for us to further strengthen our position in the solar segment,” commented KPower’s executive chairman and group managing director Mustakim Mat Nun.
“We remain committed to reinforce our footing in the renewable energy segment by establishing ourselves as a one-stop centre for renewable energy solutions, serving the entire RE spectrum.”
Mustakim who recently assumed the chairmanship of KPower from Serba Dinamik Holdings Bhd’s group managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah who had divested his stake in the company further expects positive development in the RE industry over the next two years.
“This follows the opportunities presented by worldwide green initiatives and increased usage of renewable energy,” he projected. “In view of the resilient outlook for the energy sector and the expected economic recovery, we are optimistic of the group’s business prospects.
Barring any unforeseen circumstances, the execution of the agreement with Fabulous Sunview is expected to contribute positively to KPower’s net assets, consolidated earnings, and earnings per share (EPS) of the company for the financial year ending June 30, 2022 to June 30, 2023.
At the close of today’s trading, KPower was up 2 sen or 6.35% to 33.5 sen with 7.75 million shares traded, thus valuing the company at RM182 mil. – Jan 28, 2022
