In a filing with Bursa Malaysia, the printing and publishing firm said the state government had approved the additional land in Kampung Paloh Hinai for its unit Ultimate Ivory Sdn Bhd at a price of RM873,447.
“The additional land is earmarked for construction of power generation project using solid waste,” BHS said, adding that details of the project were not available at this time as it was still at a preliminary stage.
Ultimate Ivory is required to implement the project within three months from the date of approval (the Pahang government’s approval letter is dated Feb 17) and complete it within a two years from the implementation date.
The loss-making company, which is diversifying into construction and property development activities starting with the GTP Pekan project, said it planned to finance the land purchase through a combination of internally generated funds and bank borrowings.
BHS said the land would complement its GTP project as it was adjacent to the park and would house a project to generate and supply cost-efficient power to GTP.
In its earlier announcement on GTP Pekan, BHS said ancillary facilities at the park would include a biomass-fired power plant utilising solid waste from the pulp and paper production process and a biomass-fired power plant integrated with biogas plant by using wet waste from the wastewater treatment plant.