Chin Hin unit inks coal ash deal with Tanjung Bin

Chin Hin said the deal would enable G-Cast to collect the bottom ash and fly ash (collectively known as coal ash) from TBP

KUALA LUMPUR: Chin Hin Group Bhd’s indirect wholly-owned unit, G-Cast Concrete Sdn Bhd, has entered into a coal ash off-take agreement with Tanjung Bin Power Sdn Bhd (TBP), a subsidiary of Malakoff Corp Bhd.

Chin Hin said the deal would enable G-Cast to collect the bottom ash and fly ash (collectively known as coal ash) from TBP’s coal-fired power plant in Tanjung Bin, Johor, on a non-exclusive basis for 10 years.

“The agreement is conditional upon, among others, G-Cast obtaining all necessary clearances, authorisations, approvals and permissions required for any dealings with the coal ash in accordance with the requirements of the Malaysian laws.

“Once all the conditions have been met, the agreement shall be effective and valid for 10 years, with an option to extend for an additional three years or any period to be agreed by both parties,” it said in a filing with Bursa Malaysia.

Chin Hin said the agreement was not expected to have any effect on the share capital and shareholding structure of the company.

“However, it is expected to contribute positively to the earnings per share, net assets per share and gearing of the group based on potential green product sales by G-Cast,” it added. — Bernama