Samaiden Group secures MYR25.8M power plant contract

KUALA LUMPUR (BERNAMA) – Samaiden Group Bhd’s wholly-owned subsidiary, Samaiden Sdn Bhd, has secured a MYR25.8 million contract from Gimzan Plywood Sdn Bhd to develop a biomass-based power plant in Terengganu.

The group said in a Bursa Malaysia filing on Friday that its unit had received and accepted the engineering, procurement, construction and commissioning (EPCC) project’s letter of award from Gimzan Plywood to undertake, among others, EPCC works to develop a 2.0MWac biomass renewable energy (RE) power plant at the Wakaf Tapai Industrial Area, Hulu Terengganu.

The contract will commence on February 2, 2021, and the construction is targetted to be completed within 23 months.

Samaiden Group said there are no foreseeable significant risks other than the operational risk associated with the project during the contract period.

Barring any unforeseen circumstances, the award is expected to contribute positively towards the future earnings of Samaiden and its subsidiaries for the duration of the award.