Quick take: Kumpulan Powernet falls as investors take profit

KUALA LUMPUR: Shares in Kumpulan Powernet Bhd (KPower) fell over 4% in early trade Friday owing to an apparent profit-taking activity.

The counter fell 4.42%, or 15 sen to RM3.24, making it one of the top losers on Bursa Malaysia.

KPower has secured a contract worth US46.2mil (RM192.68mil) for a hydropower project at Mahakulung VDC, Nepal.

KPower said its wholly-owned subsidiary KPower International (L) Ltd was awarded the engineering, procurement, construction, commissioning work to complete the 22 megawatt Mid Hongu Khola-A hydropower project by Apex Makalu Hydro Power Pvt Ltd.

The target completion date for the project is within 36 months from the commencement date, or not later than Aug 31, 2023.

KPower managing director Mustakim Mat Nun said the project will provide it with the earnings visibility for the next three years as it will contribute positively to the net assets, consolidated earnings and earnings per share of the company for the financial years ending June 30, 2021, to 2023.

“With this recently announced award, our order book will stand at roughly RM1.3bil and we are committed to lock in RM2bil of order book for the financial year ending June 30,2021, ” he said.

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Kumpulan Powernet , KPower , hydropower


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