Latest news with #RM604
Borneo Post
19-06-2025
- Business
- Borneo Post
Solarvest secures Brunei's largest solar project, boosting order book to RM1.3 billion
Construction is expected to begin in the third quarter this year with completion targeted by the end of 2026. –Malay Mail photo KUCHING (June 19): Solarvest Holdings Berhad has secured Brunei's largest 30 megawatt (MW) solar photovoltaic (PV) power plant project, a move analysts say will strengthen its earnings visibility and boost its outstanding order book. The team with Kenanga Investment Bank Bhd (Kenanga Research) said the contract, worth RM100, will lift the group's year-to-date (YTD) job wins to RM604 million, on track to to hit its target of RM1.2 billion in financial year 2026 (FY26). The house also expects the project to deliver gross profit margin between 13 to 15 per cent, contributing to a total order book of RM1.3 billion. On June 16, the group said the project will be undertaken through Seri Suria Power (B) Sdn Bhd, a joint venture Solarvest's wholly-owned subsidiary Atlantic Blue (34 per cent), Serikandi Oilfield Services (36 per cent), and Khazanah Satu (30 per cent). The JV also signed a 25-year power purchase agreement (PPA) with Brunei's Department of Electrical Services (DES), under the Prime Minister's Office to develop and operate a 30MWac solar Kampong Belimbing, Kota Batu. Construction is expected to begin in the third quarter this year with completion targeted by the end of 2026. The engineering, procurement, construction and commissioning (EPCC) work will be handled by Serikandi Solarvest, a separate JV between Solarvest Borneo (49 per cent) and Serikandi Holdings (51 per cent). 'This contract adds positively to Solarvest's job wins, bringing its YTD tally to RM604 million. It also lifts the group's total order book to RM1.3 billion, comprising 81 per cent large-scale solar (LSS) and 19 per cent commercial and industrial (C&I) projects. 'This will keep the group busy for at least over the next 18 months,' Kenanga Research said. The house added that the project is expected to yield a higher tariff of 18 to 20 sen per kilowatt-hour (kWh) compared to the 13 to 16 sen per kWh rate under Malaysia's LSS5 programme. Based on current panel prices, the internal rate of return (IRR) is estimated at around 10 per cent. RHB Investment Bank in a separate note said management expects the project's IRR to be in line with Malaysia-based projects, ranging from high single digits to low teens. The total capital expenditure is estimated at BND35 million, structured with a 70:30 debt-to-equity ratio. Based on Solarvest's 34 per cent stake, the project is expected to contribute RM2 to RM3 million in earnings per year. Excluding project financing, the group's net gearing is projected to rise to approximately 0.21 times. brunei corporate news solar energy Solarvest
New Straits Times
25-05-2025
- New Straits Times
Police hunt elderly woman behind investment scam
SUNGAI PETANI: Police are searching for a 60-year-old woman to assist in investigations into an alleged investment scam that has resulted in losses exceeding RM600,000 since 2017. Kuala Muda district police chief Assistant Commissioner Hanyan Ramlan said police had received seven reports from individuals claiming they were duped into investing through the woman. "The victims were promised returns of between five and seven per cent on their capital. "Losses linked to the scheme have reached RM604,000 so far, based on reports from victims who believed they were participating in a legitimate investment," he said during a press conference today. Initial investigations revealed that the so-called investment scheme never existed. "Unsatisfied with the lack of returns, the victims lodged police reports. "We are now working to trace the woman, who is believed to be connected to the case. "We urge anyone with information on her whereabouts to come forward and assist in the investigation," he said. It is understood that the victims had repeatedly attempted to recover their money from the woman but were met with constant delays. The case is being investigated under Section 420 of the Penal Code, which carries a maximum jail term of 10 years, whipping, and a fine upon conviction. In a separate development, Hanyan announced the formation of a special unit under the Kuala Muda district police headquarters known as the 'All Black Militant Jihad Against Drugs' team. He said the 25-member squad, comprising officers and personnel from various units, would operate in public areas and shopping complexes to gather intelligence on drug-related activities. "The public may channel any information to this team, and swift action will be taken," he said. Hanyan said the special squad aims to tackle drug activities at their root across the Kuala Muda district.
The Star
09-05-2025
- The Star
Kota Kinabalu cops interrupt cockfight, nab three men
KOTA KINABALU: A group of people huddled together and cheering while watching a cockfight caught the eye of police in Kg Puun Tunoh, Penampang near here. Those involved then ran helter-skelter when police arrived to investigate their activity. Three foreign men, aged from 48 to 55, were arrested while four live roosters, two dead roosters and RM604 cash were seized. Penampang OCPD Supt Sammy Newton said the raid was conducted at around 5pm on Thursday (May 8). "We acted based on a tip-off and raided the area," he said in a statement on Friday (May 9). He said those arrested would be investigated under the Animal Welfare Enactment 2015. Supt Sammy said they were also hunting for the other suspects.
Daily Express
09-05-2025
- Daily Express
Three arrested in Penampang cockfighting raid
Published on: Friday, May 09, 2025 Published on: Fri, May 09, 2025 Text Size: The detained suspects. - Pic by PDRM PENAMPANG: The police have arrested three foreign men during a raid on an illegal cockfighting ring in Kampung Puun Tunoh here on Thursday evening. The raid was conducted at 5pm under 'Ops Dadu' following a public tip-off. The suspects, aged between 48 and 55, were caught at the scene while several others fled. Police also seized four live roosters, two dead ones, two cages, and RM604 in cash during the operation. All suspects and items were taken to the Penampang police station for further action, with the case investigated under Section 21 of the Animal Welfare Enactment 2015. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
