PRINCIPAL TERMS SHEET ENTERED INTO BY KAB SMART SOLAR ENERGY SDN. BHD. (FORMERLY KNOWN AS KAB CONSTRUCTION SDN. BHD.), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY WITH FT HOSE & HOSE SDN. BHD. AND LETTER OF AWARD BY MYDIN WHOLESALE EMPORIUM SDN. BHD.
| Type | Announcement |
| Subject | OTHERS |
| Description |
KEJURUTERAAN ASASTERA BERHAD ("KAB" OR "THE COMPANY") |
The Board of Directors of KAB wishes to announce that its wholly-owned subsidiary, KAB Smart Solar Energy Sdn. Bhd. (Formerly known as KAB Construction Sdn. Bhd.) ("KSSE") had on 8 July 2021 and 21 July 2021 entered into Principal Terms Sheet (“PTS”) with FT Hose & Hose Sdn. Bhd. (“FT Hose”) and received a Letter of Award (“LOA”) from Mydin Wholesale Emporium Sdn. Bhd. ("Mydin") respectively to procure, deliver, install, own and operate a Grid Connected Photovoltaic (GCPV) Solar System (“System”) with an estimated total capacity of 4,971 kWp.The details of PTS and LOA entered into were as follows:-
|
Client |
Project details |
Project Location |
Duration |
|
Mydin Wholesale Emporium Sdn. Bhd. (Company Registration No. 383995-U) ("Mydin") |
KSSE shall procure, deliver, install, own and operate a Grid Connected Photovoltaic (GCPV) Solar System (“System”) with an estimated capacity of 4,000 kWp |
Lot 666, Seksyen 65, Mukim Kota, Jajahan Kota Bharu, Kelantan Darul Naim, (Bandar Baru Tunjong) Malaysia |
Project shall comprise of a few phases of which the overall completion shall be within 12 months from the date of execution of a definitive solar power purchase agreement between the parties for the sale and purchase of the solar energy generated by the GCPV for a period of 21 years. |
|
FT Hose & Hose Sdn. Bhd. (Company Registration No. 989016-T) (“FT Hose”) |
KSSE shall procure, deliver, install, own and operate a Grid Connected Photovoltaic (GCPV) Solar System (“System”) with an estimated capacity of 971 kWp |
|
Shall complete within 12 months from the date of execution of a definitive solar power purchase agreement between the parties for the sale and purchase of the solar energy generated by the GCPV for a period of 21 years. |
The PTS and LOA are expected to contribute positively to the future earnings of KAB for the duration of the contracts.
There are no foreseeable significant risks other than normal business and operational risk associated with the PTS and/or the LOA.
None of the Directors and/or major shareholders of the Company or persons connected with them, have any interest, direct or indirect, in the PTS and/or the LOA.
This announcement is dated 26 July 2021.
Please refer attachment below.
Announcement Info
| Company Name | KEJURUTERAAN ASASTERA BERHAD |
| Stock Name | KAB |
| Date Announced | 26 Jul 2021 |
| Category | General Announcement for PLC |
| Reference Number | GA1-08072021-00041 |
Attachments
- KAB_Mydin_Solar_System_Press_Release.pdf (Size: 141,869 bytes)
Kinergy Advancement Berhad
No. 18, Jalan Radin Bagus 9, Bandar Baru Sri Petaling, 57000 Kuala Lumpur, Malaysia.