Majuperak Calls Off Plan to Develop Large-Scale Solar Photovoltaic Projects in Perak
KUALA LUMPUR : Majuperak Holdings Bhd has called off a plan to develop large-scale solar photovoltaic (LSS) projects in Perak jointly with Cahya Suria Energy Sdn Bhd.
In a filing with Bursa Malaysia, the group said its wholly-owned subsidiary, Majuperak Energy Resources Sdn Bhd, and Cahya Suria have mutually agreed to terminate the framework agreement they entered into a year ago after failing to meet a condition precedent.
The condition was that the parties must have secured at least 100-megawatt capacity, on the computation basis of three acres per megawatt, for the development of the LSS projects from the state government and the Perak State Development Corp within a year.
Majuperak said the termination of the agreement is not expected to have any material effect on its consolidated earnings and net assets per share for the current financial year ending Dec 31, 2021.
Majuperak’s share price closed unchanged at 38.5 sen, valuing the group at RM108.1 million.
Source: theedgemarkets
