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Posted Jan 20, 2022, 6:23 AM
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Join Date: Mar 2004
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ASEAN 2022
Part 6: Indonesia | Kejuruteraan Asastera Bhd (KAB)
KAB set to acquire mini-hydropower plant in Indonesia
Izzul Ikram January 19, 2022 15:03 pm +08
Quote:
KUALA LUMPUR (Jan 19): Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) is set to acquire a mini-hydropower plant located in North Sumatera, Indonesia.
In a statement on Wednesday (Jan 19), KAB said that its wholly-owned subsidiary KAB Energy Holdings Sdn Bhd (KABEH) had entered into a term sheet agreement with Sarawak Cable Bhd (SCB) to acquire the entire issued share capital of the latter’s Indonesia-based subsidiary, PT Inpola Mitra Elektrindo (PT IME), for a purchase consideration of RM10,000.
“KABEH’s acquisition shall be free from all encumbrances. PT IME will also be released from all liabilities and encumbrances upon the full settlement of the purchase consideration and outstanding dept of up to RM61.5 million.
“As part of the agreement, KABEH is required to undertake a due diligence exercise, which is expected to be completed within three months from the date of the execution of the term sheet,” the group added.
KAB noted that PT IME is a company that designed, constructed, developed and operates a mini-hydropower plant, named Kombih III, with an installed capacity of 11 megawatts.
“It achieved commercial operations on Oct 12, 2021,” KAB added.
According to the group, PT IME has an existing power purchase agreement to supply energy to Indonesian state-owned utility company PT Perusahaan Listrik Negara for a concession period of 20 years.
KAB managing director Datuk Lai Keng Onn noted that this is the group’s maiden venture into the hydropower sector as well as its first foray into Indonesia.
“We are excited to embark on this business journey and see this proposed acquisition of PT IME as being in line with the group’s business direction to expand the income stream and have a strong foothold in our green energy solution business, particularly in the renewable energy (RE) sector,” he added.
Lai said that annually, Kombih III generates approximately 49.056 million kWh, which offsets 26,784 tonnes of CO2 emissions.
He added that the group is confident that the proposed acquisition will yield very profitable returns, which in turn will provide stable and sustainable long-term recurring income for KAB for the next 20 years.
“Upon completion of the acquisition, the asset is projected to contribute at least RM270 million in revenue to the group over the concession period,” he said.
KAB noted that according to Indonesia's National Electricity Master Plan, the ratio of RE for energy resources is anticipated to continue accelerating to 23% by 2025, while the realised amount hit around 14% at the end of 2020.
“Hydropower generation capacity is expected to grow to about 40%,” the group added.
Meanwhile, in a separate filing, SCB said PT IME was identified as a target for sale after it entered into an asset sharing agreement with Hong Leong Islamic Bank Bhd, AmBank (M) Bhd and Bank Muamalat Malaysia Bhd and a trustee to settle debts of around RM124.59 million.
The company said the sale is expected to raise up to RM61.5 million, of which RM59.1 million will be used to clear some of its outstanding debts.
At 2.12pm on Wednesday, KAB had gained one sen or 2.86% to 36 sen, valuing the group at RM640.08 million.
Meanwhile, SCB slipped half a sen or 2.7% to 18 sen, giving it a market capitalisation of RM69.93 million.
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https://www.theedgemarkets.com/artic...lant-indonesia
ASEAN 2022
Part 7: Thailand | Perusahaan Otomobil Nasional Sdn Bhd (Proton)
Proton inks MoA to distribute smart Automobile's EVs in Malaysia, Thailand
Izzul Ikram January 19, 2022 19:04 pm +08
Quote:
KUALA LUMPUR (Jan 19): Perusahaan Otomobil Nasional Sdn Bhd (Proton) is planning to introduce premium electric vehicle (EV) brand smart Automobile Co Ltd's range of new EVs into the rapidly growing ASEAN automotive market.
In a statement Wednesday (Jan 19), Proton said it and smart Automobile have signed a memorandum of agreement (MoA) which will see both parties collaborating via Proton Edar, who will be appointed as the importer, distributor and dealer for smart Automobile in Malaysia and Thailand. At the same time, smart Automobile (Nanning) Sales Co Ltd — a wholly-owned unit of smart Automobile — will fulfil the role of a gateway for smart Automobile to the region, said Proton.
smart Automobile is a joint venture between German and Chinese automotive groups Mercedes-Benz AG and Zhejiang Geely Holding Group Co Ltd founded in 2019, which they plan to develop into a world-leading, premium EV technology brand.
“With the signing of the MoA, Proton is taking its first steps on its New Energy Vehicle strategic journey. By collaborating with smart Automobile, we will be able to gain experience in the selling, servicing, and charging of new EVs and build up the skill sets we require to be a force in Asean’s rapidly expanding new EV sector. This is also an opportunity to tap on smart’s customer base, which will open up more opportunities for the Proton brand,” said Proton chairman Datuk Seri Syed Faisal Albar.
Proton also shared, citing forecasts by the International Renewable Energy Agency, that the new EV market will grow to around 10 million units in Southeast Asia by 2025, and that smart Automobile, with its new product portfolio due to be launched in the coming years, will be well placed to take advantage of growth in the region.
“The MoA with Proton Edar is for the company to establish a multi-level sales and service network in Malaysia and Thailand, as well as a brand experience centre and a number of sales locations, providing local markets with sales and after-sales services for smart vehicles.
“With smart’s ‘dual-home’ (Europe and China) business strategy, the company already covers two of the world’s largest automotive markets. Now, as part of our forward-looking strategy, we are joining hands with Proton in Southeast Asia. With minimal investment, the agreement will allow us to enter the Thai and Malaysian markets in the near future.
"As our regional partner, Proton has a first-class corporate reputation, extensive experience and valuable knowledge of local operations. We look forward to working together to provide consumers in Southeast Asia with a new premium, intelligent, all-electric driving experience,” said smart Automobile's chief executive officer Tong Xiangbei.
According to Proton, the MoA with Proton Edar is for the company to establish a multi-level sales and service network in Malaysia and Thailand, as well as a brand experience centre and a number of sales locations, providing local markets with sales and after-sales services for smart vehicles. "Currently, there are no plans to collaborate beyond the tenets of the agreement," it added.
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https://www.theedgemarkets.com/artic...aysia-thailand
Last edited by nazrey; Jan 20, 2022 at 6:42 AM.
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