KUALA LUMPUR (Sept 5): Shares of Jentayu Sustainables Bhd (KL:JSB) rose as much as 14 sen or 21.21% in the evening trading session, on progress to obtain Sabah state approval for a 162MW hydro plant in Sipitang.
Jentayu shares rose to as much as 80 sen earlier, before paring gains to trade at 74.5 sen, still up 8.5 sen at 4.20pm.
Some 14.45 million shares were traded at the time of writing, near triple its 65-day average trading volume of 5.77 million shares.
On Wednesday, Jentayu said it has received a letter of notification from the Energy Commission of Sabah (ECOS) for the RM2.8 billion Project Oriole, a run-of-river hydro plant slated for operations in 2028.
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The letter outlines the key commercial and technical terms for the project, including specific deadlines for signing a 40-year power purchase agreement, achieving financial close and submitting a commitment letter and bond.
Jentayu is also acquiring another hydro power project in Tenom, comprising two plants with capacity of 40MW named Telekosang Hydro 1 and 2.
The Telekosang plants are operated by the private vehicle of Jentayu’s major shareholders, led by Datin Nurhaida Abu Sahid, together with Jentayu executive chairman Datuk Beroz Nikmal Mirdin.
Shares of Jentayu are down 41% this year, following a selloff of smaller cap stocks on Bursa Malaysia in early 2024 that saw the stock touching a low of 50 sen.
At the moment, the bulk of Jentayu’s operations involve property development. It also owns the Ohana Specialist Hospital focusing on obstetrics and gynaecology in Sri Rampai, Kuala Lumpur.