Powernet in talks to expand regionally


KUALA LUMPUR: Kumpulan Powernet Bhd is in active negotiations with various parties to expand its business regionally as the company posted its second straight quarters of profit under a new management led by billionaire Datuk Mohd Abdul Karim Abdullah.

"By leveraging on the major shareholders’ networking and management’s vast experience, the group shall focus in expanding into project management and construction related activities under the energy, utilities, infrastructure and logistic segments," it said in a filing with Bursa Malaysia today.

Powernet registered a small net profit of RM948,000 in the first quarter ended Sept 30 on revenue of RM11.1mil.

The company is scheduled to hold its AGM on Thursday.

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