PETALING JAYA (June 23): Solar photovoltaic (PV), earthing and lightning protection (ELP) specialist Pekat Group Bhd will be building a “zero net energy building” that comprises the new head office and operational facility in Elmina City, Sungai Buloh.
The Bursa Malaysia ACE Market listed company’s new head office has a built-up of 114,252 sq ft and land area of 137,928 sq ft (based on Pekat’s prospectus).
It will be an integrated facility that comprises an office, showroom, central monitoring station, training centre, workshop and warehouse that showcases the use of solar PV as RE to power commerce and industrial buildings.
Pekat Group managing director Chin Soo Mau said RM18 million from the IPO proceeds will be used for the construction of the integrated facility. It is slated for completion in 2023.
The company is listed in Bursa Malaysia today, raising RM44.4 million from its public Issue of 138.7 million new shares at RM0.32 per share.
Chin added that the company is expected to benefit from the favourable government initiatives, financial incentives and tax breaks for the solar PV industry, and rebound in the construction sector, driven by the resumption of activities across all subsectors.
“Current incentives and tax breaks such as the Green Technology Financing Scheme and the Green Investment Tax Allowance by the Malaysian Investment Development Authority will continue to spur further development in the solar PV industry.
Pekat should benefit from various solar PV programmes such as the latest rooftop solar initiative by the Energy and Natural Resources Ministry - Net Energy Metering (“NEM”) 3.0 programme, which will be in effect from 2021 to 2023 with a quota of 500 MW allocated to further boost the uptake of solar adoption for residential, commercial and industrial users,” said Chin in a media statement today.
To recap, the government has set a national target of 31% renewable energy in power capacity by 2025, and 40% in 2035, mostly driven by solar.
Meanwhile, in the civil engineering subsector, growth is expected to recover in line with the ramp up of construction activity in large infrastructure projects such as Mass Rapid Transit 3, Light Rail Transit 3, Rapid Transit System-Johor Bahru-Singapore and Pan Borneo and Coastal highways in Sarawak.
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