Quick take: Kumpulan Powernet rises on news of RM175mil contract

  • Stock on the Move
  • Tuesday, 30 Jun 2020

KUALA LUMPUR: Shares in Kumpulan Powernet Bhd gained in early trade Tuesday as the company announced a contract win in Laos.

The counter added 3.11%, or seven sen to RM2.32. It is currently trading at a PE ratio of 21.77 times.

Kumpulan Powernet has accepted a letter of award (LoA) to undertake civil works for two mini hydro power plants in Laos for US$40.7mil (approximately RM174.5mil).

The two power plants are Nam Taep 1 and Nam Taep 2, each with 3 x 5 MW generation capacity and are located in Ban Nam Taep and Ban Nam Nameuang, in the district of Xam Tai, in Laos’ Houaphan province.

Kumpulan Powernet said the LoA involves the supply, construction, commissioning and completion of civil works related to the plants.

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