KUALA LUMPUR (April 22): Renewable energy player Sunview Group Bhd has set up a special purpose vehicle (SPV) with Saudi Arabia-based Vision Ambassadors Company for International Trade Consultancy to explore renewable energy (RE) projects.
In a filing to Bursa Malaysia, the ACE Market-listed company said its wholly-owned Fabulous Sunview Sdn Bhd has inked a preliminary joint venture agreement (JVA) with Vision Ambassadors for that purpose, following the signing of a memorandum of understanding (MOU) between them in January this year.
Fabulous Sunview will hold a 40% stake in the SPV, with the remainder to be held by Vision Ambassadors.
Both parties have agreed that the initial paid-up capital for the SPV will be 100,000 riyals (RM127,533), and that each party will contribute based on their respective percentage stakes.
The SPV is to explore RE projects in the Gulf Cooperation Council (GCC) countries — Saudi Arabia, United Arab Emirates (UAE), Kuwait, Qatar, Bahrain and Oman — as well as Central Asia.
“The collaboration’s objectives include identifying locations of proposed projects, coordinating with the relevant parties on these projects as well as investing in the projects,” it said.
Fabulous Sunview will assess the suitability of the projects identified and serve as an engineering, procurement, construction and commissioning (EPCC) provider for the proposed projects.
“The JV holds immense potential to drive positive change, not just within the companies, but also in contributing to environmental and societal well-being,” said Sunview executive director and chief executive officer HP Ong, who views the collaboration as a boost to accelerating the adoption of RE across multiple regions.
Sunview shares finished half a sen or 0.8% higher at 63 sen on Monday, valuing the group at RM319.09 million. The counter has fallen 16% year to date.