CORP BRIEF: Samaiden, Uzma, SC and Poly Glass Fibre

by TMR / graphic by MZUKRI MOHAMAD

Samaiden unit bags biogas power plant contract

SAMAIDEN Group Bhd’s 60%-owned unit, SC Green Solutions Sdn Bhd, received an approval for feed-in tariff (FiT) from the government through Sustainable Energy Development Authority (SEDA) to undertake the development of a 1.2MW biogas power plant in Bachok, Kelantan. The project is due for completion on Nov 17, 2023, on the FiT commencement date. The FiT will be effective for 21 years after the commencement date. The rate will be at 37 sen per kWh. Next year, SC Green aims to attain renewable energy power purchase agreement with SEDA and Energy Commission’s public licence (provisional) on May 17, as well as financing agreement on Nov 17, 2021. It is also looking to make the first payment to engineering, procurement, and construction contractors by May 17, 2022, and the initial operation date is slated to be on Aug 17, 2022.

Uzma unit awarded integrated well work order

UZMA Bhd’s subsidiary, Setegap Ventures Petroleum Sdn Bhd, was awarded a work order for the provision of integrated well services for intervention, workover and abandonment by SEA Hibiscus Sdn Bhd. In a filing to the stock exchange yesterday, Uzma noted that the work order is part of a Pan Malaysia Umbrella Contract for the provision of integrated well services for intervention, workover and abandonment for Petroleum Arrangement Contractors. Setegap Ventures’ work scope includes well intervention and integrity operations as required at site and the supply of equipment, including supply vessel, coil tubing unit, pumping package, e-line, consumables and project management team. The work order is effective for a year. The value of the contract was not disclosed.

SC approves UEM Sunrise merger time extension

THE Securities Commission Malaysia (SC) approved UEM Sunrise Bhd’s application for a time extension for its negotiations on the proposed merger with Eco World Development Group Bhd, UEM Sunrise noted in a filing to Bursa yesterday. The time extension given is until Jan 31, 2021, whereby UEM Sunrise and EcoWorld are to decide by Jan 2, 2021, whether to proceed with discussions on the proposed merger. If both companies decide to proceed with negotiations, they have to jointly submit an application for a final time extension based on a timeline agreed by the directors of both companies by Jan 15, 2021.

Poly Glass Fibre ventures into durian plantation biz

POLY Glass Fibre (M) Bhd incorporated Diamond Creeks Eco Farm Sdn Bhd to carry out the plantation of Musang King durian. The plantation will be located on a property owned by its wholly owned subsidiary, Golden Approach Sdn Bhd. Poly Glass noted in its exchange filing yesterday that the durian business may contribute positively towards its earnings in the near future.