Friday 14 Jun 2024
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KUALA LUMPUR (April 28): Renewable energy (RE) specialist Samaiden Group Bhd is planning a partnership with a couple of Cambodian companies to develop unutilised plots of land alongside the railway tracks operated by Cambodia's Royal Railway PLC for RE and other sustainable economic projects.

Samaiden, via its indirectly owned Samaiden Energy (Cambodia) Co Ltd, signed a five-year Memorandum of Understanding (MOU) with Royal Group Co Ltd (RGC), Management Venture Asia (Cambodia) Ltd (MVA) and Panna Energy Sdn Bhd (PANNA) on Friday (April 28) for the planned partnership.

Samaiden Cambodia's main role in the proposed venture is to provide technology expertise, while RGC is to provide available land as a lessor through its subsidiary Royal Railway PLC, offer funding in full or in part for the partnership, and to assist Samaiden Cambodia, MVA and PANNA in accessing the site.

MVA will provide business consultancy and support, while PANNA will be responsible for the financial and commercial assistance to undertake research, facilitation of project development and project management.

RGC, according to Samaiden, is Cambodia's strategic investment holding company with businesses ranging from banking and financial services to media and entertainment. MVA, incorporated in Cambodia, is principally involved in developing clean energy projects, facilitating business ventures and taking products to market and market research. PANNA is a Malaysia-incorporated company engaged in the RE business via business development and consultancy, project funding advisory and investment.

Under the MOU, the parties will first study the feasibility of developing unutilised land alongside railway tracks from the province of Poipet to the Preah Sihanouk province for micro ground mount solar installations, paper tree planting, greenhouse vegetable farming, and other sustainable economic activities.

“We are encouraged by the Cambodian government’s support and initiatives towards RE and its commitment to help its citizens earn higher income through projects such as the development of land alongside Royal Railway’s tracks,” said Samaiden Cambodia executive director Fong Yeng Foon in a statement.

“Samaiden stands ready to offer our expertise ranging from engineering, procurement, construction and commissioning of RE projects encompassing solar photovoltaic systems and power plants to operations and maintenance and environmental consulting services,” he said.

Samaiden's share price, which has gained 11.25% year to date, closed unchanged at 89 sen on Friday. This gives the group a market capitalisation of RM344.3 million.

Edited ByTan Choe Choe
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