Kumpulan Powernet bags RM65.8mil hydropower job


  • Business
  • Wednesday, 12 Feb 2020

KUALA LUMPUR: Shares in Kumpulan Powernet Bhd soared above the RM2 level for the first time after the company announced it had secured a contract to build a micro hydropower plant in Laos.

The stock jumped 25 sen, o 13% to close at RM2.17 in active trade with more than 5.1 million shares transacted.

The company, in a statement yesterday, said it was awarded a RM65.88mil contract from Zhenghong Building Road & Bridge Construction Co Ltd to design, supply, construct and commission an 8MW hydropower plant in the Vientiane province.

“We are pleased to be awarded our first hydropower construction project, ” group managing director Mustakim Mat Nun said in the startment.

“This is in line with our plans to expand into provision of project management and construction related activities in energy and utilities, infrastructure utilities and logistic with a focus on green technology and green energy, ” he said.

The contract is also a first for the company in Laos. The project is expected to be completed in 18 months.

Kumpulan Powernet has diversified its business into construction and project management activities.

In November last year, its deputy chairman Datuk Mohd Abdul Karim Abdullah has announced a target to secure RM1bil worth on new contract by end of June this year.

This was after the company was awarded a RM254mil contract for the construction of sewage treatment facilities and a 12-floor green building index certified building.

Previously, the company’s main businesses were in textile manufacturing, property development and property investment.

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