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KUALA LUMPUR (March 27): Earthworks and civil engineering services provider Advancecon Holdings Bhd has signed a Memorandum of Understanding (MoU) with Kumpulan Semesta Sdn Bhd (KSSB) to explore opportunities in the solar energy industry in Malaysia, particularly the Large Scale Solar Project 3 initiated by the Energy Commission.
In a filing with Bursa Malaysia today, Advancecon said this MoU is to express the desire to combine resources and expertise to pursue opportunities in relation to the ownership of solar photovoltaic system in respect of the solar project.
“Subject to Advancecon being successful in its bid for the project, Advancecon will appoint KSSB as the project’s consultant, whereby KSSB’s primary role is to identify and secure suitable land to serve as the location of the project,” said Advancecon in a separate statement.
“This new collaboration with KSSB is meant to explore opportunities in the solar energy industry as Malaysia embraces renewable energy. We believe that Advancecon’s current expertise as a specialist in infrastructure works would be a plus point in our bid for the proposed solar project,” said Datuk Phum Ang Kia, group chief executive officer at Advancecon.
He added this marks a new step for Advancecon to develop a source of recurring income to complement the group’s core business in earthworks and civil engineering.
Advancecon shares closed up one sen or 2.38% at 43 sen today, bringing it a market capitalisation of RM172.4 million. The counter saw some 1.36 million shares changing hands. — theedgemarkets.com
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