SOLARVEST Holdings Bhd entered into a Memorandum of Agreement (MoA) with Teo Seng Capital Bhd on Nov 21, 2019, to install solar photovoltaic panels at Teo Seng’s farms and factories in Yong Peng, Johor.
In a Bursa Malaysia filing on Feb 11, the company said Teo Seng has allocated up to RM13 mil for some 4,000-kilowatt peak rooftop solar projects.
The final project details such as installation capacity, contract value and costs will be set out in the engineering, procurement and construction agreement (EPC agreement) to be agreed between both parties within 12 months from the MoA date.
The deal would not have any material effect on the net assets and earnings per share of Solarvest for the financial year ending March 31, 2020.
Teo Seng is one of the largest egg producers in Malaysia. Apart from poultry farming, it is also involved in the manufacturing and marketing of animal feed, egg trays, organic fermented fertiliser and providing animal healthcare products and customised solutions.
On Feb 10, Bursa slapped Solarvest with an unusual market activity (UMA) query over the sharp rise in its share price, which surged over 19%.
Solarvest shares rose to their highest-ever intraday level of RM1.23 in early trade before paring some gains. The counter had closed at RM1.10 on Feb 10.
Solarvest, a 33.6%-associate of building material distributor Chin Hin Group Bhd, is principally an engineering, procurement, construction and commissioning contractor that specialises in solar photovoltaic systems. It was listed in November last year.
The counter closed three sen lower at RM1.07 at the noon break on Feb 11. – Feb 11, 2020
