Quick take: Cypark up 5% after inking MoU for RE projects

  • Stock on the Move
  • Friday, 11 Oct 2019

KUALA LUMPUR: Shares in Cypark Resources Bhd gained over 5.4% in early trade Friday after the company has entered into three Memorandum of Understanding (MoU) for renewable energy (RE) projects.

The counter, one of the top gainers on Bursa Malaysia, added 5.47%, or seven sen to RM1.35 with 484,400 shares.

Cypark has partnered with three parties to jointly develop renewable energy projects, consisting

of two solar photovoltaic and another waste-to-energy (WTE) projects.

In the first MoU, Cypark Resources is partnering with Negeri Sembilan Corporation, to jointly develop 50MW solar photovoltaic projects in Negeri Sembilan, under the Net Energy Metering Scheme, with the adoption, execution and implementation of supply agreement renewable energy (SARE).

The MoU will be effective for two years and may be extended for a further period as may be agreed by both parties.

Its second MoU is with Menteri Besar Kedah Incorporated (MBI Kedah) to jointly develop a 100MW solar photovoltaic projects in Kedah.

The third MoU is a collaboration with PETRONAS CHEMICALS GROUP BHD for the development of solid waste modular advanced recovery and treatment (SMART) waste-to-energy (WTE) projects in Malaysia.

Both firms have signed a memorandum of understanding to evaluate potential collaboration on waste to energy projects, including establishment of WTE plants.

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