by NUR HAZIQAH A MALEK / pic credit: scestatebuilder.com.my

SC ESTATE Builder Bhd has signed a memorandum of understanding (MoU) to acquire land located in Kedah for the purpose of building a 100MW solar power plant or environment, social and governance initiative projects.

In a filing to Bursa Malaysia yesterday, the construction company signed the MoU with namely Tan Sri Tunku Puteri Intan Safinaz Almarhum Sultan Abdul Halim Mu’adzam Shah, Tunku Sakinah Sultan Badlishah and Che Puan Besar Haminah Hamidun.

The piece of land spans across 104.62ha, following the group’s proposal to build the power plant.

SC Estate shares were suspended yesterday morning and will resume trading today at market’s opening, the company’s exchange filing yesterday noted.

The company’s expansion into the renewable energy (RE) space via solar based ventures is a diversification move to improve its financial performance.

The group previously received a letter of award via its wholly-owned subsidiary SC Estate IBS Sdn Bhd to construct and prototype solar power roof for 28 units single-storey terrace shop houses in Alor Setar, Kedah, in January 2021, whereby the letter was dated Jan 15, 2021.

For its financial year ended July 31, 2021 (FY21), SC Estate posted a net loss of RM1.86 million, against a net profit of RM201,000 posted in FY20 due to a 46% fall in revenue due to slow work progress and drop in building materials’ sales.

Its shares last traded at nine sen, giving it a market capitalisation of RM96.67 million.

Its share price is up some 50% year-to-date. SC Estate’s core business now includes construction and renewable energy on solar power plants, solar power on the roofs, affordable houses, infrastructure works and related businesses.