KAB to acquire 80% stake in solar power operator Mayang Hijau

KAB managing director Datuk Lai Keng Onn (pic) said the MHSB acquisition would further strengthen the group’s position in the energy market.

PETALING JAYA: Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) will pay RM800,000 cash for an 80% stake in Mayang Hijau Sdn Bhd (MHSB), which builds and operates solar photovoltaic (PV) power systems.

The remaining 20% will be held by Evergreen Thumbsup Sdn Bhd.

In a statement, KAB said MHSB had recently landed a deal to finance, design, construct, own and operate a 1.58-megawatt peak solar PV energy generating system under the build-operate-transfer (BOT) concept, with the expected commercial operation by the third quarter of 2021.

Also, MHSB is negotiating for a cumulative capacity of 10-megawatt peak of contracts.

Under these contracts, MHSB will operate the solar PV system for a concession period of 25 years, following which the solar panels will be handed over to the customers.

KAB managing director Datuk Lai Keng Onn (pic) said the MHSB acquisition would further strengthen the group’s position in the energy market.

“This will enhance our recurring income stream. With the environmental, social and governance (ESG) concern becoming the norm, we will continue to contribute to the society at large, and at the same time, grow our businesses to even greater heights, ” he said.