Teo Seng Capital going green

  • Business
  • Friday, 22 Nov 2019

Deal sealed: Chong (left) exchanging documents with Nam at the signing ceremony.

YONG PENG: Teo Seng Capital Bhd, one of the largest egg producers in the country, will invest RM13mil to instal solar photovoltaic (PV) panels across its farms and factories here.

Managing director Nam Hiok Joo said the project would be implemented in phases starting anytime now and is expected to be completed by March 2021.

He said the panels would be installed at its 14 farms and factories around Yong Peng to help reduce the company’s electricity usage.

“We have decided to embark on the project following the success of our pilot project at our feed mill plant here, ” said Nam at the signing of a memorandum of agreement (MoA) with solar PV system specialist Solarvest Holdings Bhd here.

Nam said the pilot project to instal solar PV panels on the rooftops of its feed mill plant costing RM1.8mil has helped to reduce the company’s electricity bills.

He added that the renewable energy (RE) generated at its 14 facilities is expected to bring about double-digit percentage savings in electricity usage for the company.

“We are one of the first largest integrated egg producers in the country to invest in a RE project of this scale, ” said Nam.

Separately, he said the company’s egg exports to Hong Kong were not affected by the ongoing protests there.

Solarvest group chief executive officer Davis Chong Chun Shiong said it was an opportune time for businesses in Malaysia to instal solar PV panels to benefit from the various government incentives.

“Businesses should take advantage of the Green Investment Tax allowance, which has been extended until 2023, ” he said.

Chong said it was also getting easier for businesses to obtain bank loans for solar PV installations, as financial institutions were putting more emphasis on supporting the RE industry.

Teo Seng is a subsidiary of Leong Hup International Bhd, one of the largest producers of poultry, eggs, livestock feed and further processed products in South-East Asia with a presence in Malaysia, Singapore, Indonesia, Vietnam and the Philippines.

Solarvest, meanwhile, is slated to be listed on the ACE Market of Bursa Malaysia on Nov 26,2019.

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