19 Nov 15 – Press Release – PUC Founder to Build and to Own Solar Renewable Energy Power Plants, Bags RM3.9 million EPC Contract
PUC Founder to Build and to Own Solar Renewable Energy Power Plants, Bags RM3.9 million EPC Contract
PETALING JAYA, 19 Nov 2015 – The Board of Directors of PUC FOUNDER (MSC) BERHAD (“PUCF” or the “Company”), a company listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) (Stock code: 0007) is pleased to announce that its wholly owned subsidiary, Founder Energy Sdn Bhd (“FESB”) has on today, been awarded with a contract for design, supply, install, testing and commissioning of a 420 kWp (nominal) Solar Photovoltaic (“PV”) plant at Plot 30, 31 & 32 Kilang Jalan Gopeng, Tungzen Industrial Park, Mukim Sg.Raja, 31300 Kampung Kepayang Perak, Malaysia by Gen Master Manufacturing Sdn Bhd (“Gen Master”) amounting to RM3,967,122 (“Contract”). The Contract shall commence from 18 November 2015 and complete by 31 December 2015.
The contract is the first external engineering, procurement, construction (“EPC”) contract of the company.
Group Managing Director, Mr. Cheong Chia Chieh commented, “Our diversification plan into renewable energy (“RE”) industry is taking place as planned. After securing our first Megawatt solar PV project, we went on to explore more RE business opportunities. This contract is our first step into realizing our goal to expand our renewable energy business upstream and downstream.”
Bursa Malaysia has on 6 November 2015 approved the Proposal. The proposals include a proposed rights issue of irredeemable convertible unsecured loan stock (“ICULS”) with warrants (“Proposed Rights Issue of ICULS with Warrants”) undertaken to raise funds for the capital expenditure of up to 9.5 MW power solar photovoltaic (“PV”) power project and the proposed diversification to include the provision of energy utility services.
“Our vision is to build and to own more solar renewable energy power plant. Coming next year, renewable energy business revenue will start to contribute and it would become one of our significant cash-generating business. As announced in Budget 2016, green energy is one of the strategies that will contribute significantly to the country’s economy, and we aspire to be a part of it.
“Moving forward, we will be ready to secure more megawatts in the solar PV projects and this will continue to generate more recurring income stream. And now we have our own EPC arm as well, we will build and own more solar renewable energy power plant.”
About PUC Founder (MSC) Berhad:
PUC Founder (MSC) Berhad (Stock code: 0007) is an investment holding group, principally engaged in three business segments namely, Media & Advertising; E-payment Services; and Renewable Energy. It was incorporated in Malaysia by China Founder Group on 3rd November 1997 bearing the Company Number 451734-A, and is listed on the ACE Market of Bursa Malaysia on 3rd April 2002. It is one of the first companies in Malaysia to qualify for the Multimedia Super Corridor or MSC status. The company’s businesses have expanded throughout Asia.
Corporate Website: http://www.founder.com.my