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Borneo Post
2 days ago
- 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
Borneo Post
4 days ago
- Health
- Borneo Post
Sandakan journalist battling anaemia receives Tabung Kasih@HAWANA aid
Teo Nie Ching (second right) presenting the contribution to Jee Cheng Hee. – Bernama photo SANDAKAN (June 17): A journalist battling anaemia expressed her heartfelt gratitude and was visibly moved upon receiving a contribution from the Tabung Kasih@HAWANA fund, presented by Deputy Communications Minister Teo Nie Ching Tuesday. Merdeka Daily News journalist Jee Cheng Yee, 35, said the cash contribution would help ease the burden of her medical and treatment expenses. The mother of three – aged eight, four, and 11 months – shared that she developed anaemia following caesarean sections during the birth of her children. 'I'm very grateful to the Sabah Journalists Association and the Sandakan Media Association for assisting me with the Tabung Kasih@HAWANA application process,' said Jee, who has been a journalist for 10 years and is currently based in Sandakan. 'I hope this kind of assistance can reach and support more journalists who are in need,' she said when met at her residence in Taman Yeng Seng here. Also present at the visit were Malaysian National News Agency's (Bernama) head of Management Services and Finance, Sharifah Zaini Syed Zain, and head of Corporate Affairs, Mariati Mohd Arif. Meanwhile, Teo said a total of 19 media practitioners in Sabah have benefited from the Tabung Kasih@HAWANA initiative to date. She added that RM1 million has been allocated for the fund this year, expressing hope that more media personnel in need would receive the assistance. 'We will consider all applications and determine the donation amount based on each individual's circumstances,' she said. The Tabung Kasih@HAWANA initiative reflects the spirit of Malaysia MADANI by upholding values of compassion and care, particularly for media practitioners who have long contributed to society but are now facing life or health challenges. The fund was established as a Communications Ministry initiative and implemented through Bernama to support serving and retired journalists and other media practitioners who are facing hardships or financial difficulties. To date, a total of 442 media practitioners nationwide have benefited from the initiative, with contributions amounting to RM1.2 million. – Bernama
New Straits Times
4 days ago
- Business
- New Straits Times
Solarvest's Brunei project could generate RM100mil via JV, says HLIB
KUALA LUMPUR: The solar project secured by Solarvest Holdings Bhd in Brunei is expected to deliver up to RM100 million in value to its 49 per cent-owned joint venture, according to Hong Leong Investment Bank (HLIB Research). Solarvest secured a 25-year power purchase agreement (PPA) through its 34 per cent-owned joint venture (JV), Seri Suria Power (B) Sdn Bhd. The agreement, inked with Brunei's Department of Electrical Services, will see the JV build, own and operate a 30 MWac ground-mounted photovoltaic (PV) plant atop a remediated landfill in Kampong Belimbing, Kota Batu. Commercial operations are expected to begin by the end of the calendar year 2026, with construction scheduled to start in the third quarter of 2025. Seri Suria Power is a partnership between Solarvest and local entities Khazanah Satu Sdn Bhd — a Bruneian government investment arm under the Finance Ministry — and Serikandi Oilfield Services Sdn Bhd, an energy and infrastructure service provider. HLIB Research said in a note the engineering, procurement, construction, and commissioning (EPCC) scope is expected to deliver between RM80 million and RM100 million in value to Solarvest's 49 per cent-owned EPCC JV, expanding its existing RM1.2 billion order book. "Capital expenditure for the plant is projected at B$35 million (about RM116 million) and should have minimal balance sheet impact considering equity funding required from Solarvest amounts between RM7 million and RM10 million. "Meanwhile, our preliminary project internal rate of return estimation could come in the 'high single digit' range – a reasonable figure, in our view," the firm said. HLIB Research added Solarvest's management aims to grow its order book beyond RM2 billion in the financial year ending March 2026 (FY26), supported by domestic clean energy initiatives such as LSS5, MyBeST, LSS6 and the CRESS programme. The group's tender pipeline remains robust at 5.86 gigawatt-peak (GWp), with battery energy storage systems (BESS) also emerging as a key growth area. HLIB Research maintains a "Buy" rating on Solarvest with an unchanged target price of RM2.25, based on a sum-of-parts valuation comprising a 25 times price-to-earnings multiple for its EPCC business and discounted cash flow for its recurring income assets. Key risks to the outlook include execution delays, political uncertainties and potential fluctuations in material and labour costs.
The Sun
6 days ago
- Business
- The Sun
RM30m allocation for journalists, media firms
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim announced yesterday an allocation of RM30 million to support journalists and media organisations. He said this marks the largest commitment of its kind in the nation's history. 'This initiative aims to empower the media industry, particularly young journalists, to adapt to digital transformation and the rise of artificial intelligence (AI) while upholding journalistic integrity and ethics. 'I take responsibility for ensuring we produce better-quality journalists. I've discussed this with Communications Minister Datuk Fahmi Fadzil, who is a strong supporter of the media. I agreed to allocate a significant fund to help media organisations and the nation.' He was speaking at the National Journalists' Day 2025 with the theme 'Journalism in a New Era: Balancing AI and Ethics', held at the World Trade Centre Kuala Lumpur. Anwar emphasised the importance of embracing new industries and emerging technologies, but stressed that the core values of truth, justice and ethics must not be sidelined in the pursuit of technological progress. Communications Minister Fahmi Fadzil said National Journalists' Day is a symbol of the government's recognition of the vital role played by media practitioners in shaping an informed society. He said the RM30 million fund would support media organisations in navigating the ongoing changes, particularly in adapting to the rise of social media and a new generation of readers, namely Generation Z. 'The Communications Ministry will soon announce the mechanism through which media organisations can apply for this funding. 'This fund could also help media organisations to explore new platforms, audiences and formats in achieving long-term sustainability. We hope this fund will contribute meaningfully to the digital transformation of Malaysia's media landscape.' Fahmi also highlighted the gazetting of the Malaysian Media Council (MMC), which came into effect yesterday. 'We believe this is one of the most significant and meaningful reforms for media practitioners. 'With the establishment of the MMC, long-standing concerns and aspirations of media professionals now have a legitimate platform. The MMC will operate independently, regardless of which party forms the government.' Fahmi said he would be inviting the 12 appointed founding members for further discussions and to support them in developing the MMC effectively. He added that in efforts to safeguard the welfare of media practitioners in Malaysia, the Communications Ministry through Bernama, has channelled various forms of aid via the Kasih@Hawana Fund, established in April 2023. As of today, 441 media practitioners nationwide have benefited from this initiative, with total contributions exceeding RM1.2 million. 'In addition, through collaboration between Bernama and Socso, freelance media practitioners have been provided with social protection under the Self-Employment Social Security Scheme.'
Malaysian Reserve
12-06-2025
- Business
- Malaysian Reserve
Green Packet to reallocate private placement funds after Sri Lanka JV termination
GREEN Packet Bhd is revising its use of private placement proceeds after calling off a planned joint venture in Sri Lanka, citing prolonged regulatory delays and lack of engagement from the local government. The RM10 million project, intended to build a nationwide tourism digital platform with Sri Lanka-based TTISB, was officially scrapped on May 23, 2025. With RM7.15 million unutilised, the company will redirect funds towards expanding its money-lending business, enhancing digital infrastructure, upgrading its smart residential and parking platform, and supporting working capital. Green Packet also plans to invest RM1.2 million into a new loan management system via its lending arm Packet Interactive Sdn Bhd, expected to go live by Q2 2026. So far, Green Packet has raised RM9.46 million from the placement, with a further RM5.32 million to come. It is also seeking shareholder approval to extend the usage timeframe for working capital from 12 to 24 months. –TMR
