KUALA LUMPUR (Nov 8): Renewable energy producer Cypark Resources Bhd (KL:CYPARK) announced on Friday that its chief financial officer (CFO) Vinie Chong Pui Ling has resigned, just three months after her appointment on Aug 15.
The company said Chong is stepping down to “pursue other interests”. Chong’s last day with the company will be Dec 31, 2024, according to Cypark's filing with Bursa Malaysia.
Prior to joining Cypark, Chong served as group CFO at Cenergi SEA Bhd, a renewable energy firm under Khazanah Nasional Bhd.
She has over 20 years of experience in financial management, strategic planning, and commercial roles, having held senior positions at companies such as Astro Productions, Leader Energy Holding Bhd, and Malaysia Airports Holdings Bhd (KL:AIRPORT).
Chong is also an independent director of Johor Plantations Group Bhd (KL:JPG).
Last Wednesday (Oct 30), Cypark announced that it had obtained approval for an extension of time (EOT) for its power purchase agreement involving its 100-megawatt large scale solar (LSS3) project in Merchang, Terengganu.
Its 70%-owned subsidiary, Cypark Suria Merchang Sdn Bhd, had received a notification letter from the Energy Commission that its application for the EOT had been approved by the Ministry of Energy Transition and Water Transformation for the achievement of the commercial operation date (COD) for its LSS3 project. The EOT involves a revision of the power purchase agreement period, but the company did not elaborate on the extended date following the revision.
The solar farm, awarded under the LSS3 rollout in 2020, achieved its COD in June this year. It was initially expected to achieve COD in 2021.
Cypark also disclosed on the same day that its wholly owned Cypark Sdn Bhd had reached a full and final settlement with KNM Process Systems Sdn Bhd, a unit of KNM Group Bhd (KL:KNM) to resolve their dispute over a RM268.38 million solid waste project in Ladang Tanah Merah, Negeri Sembilan.
Cypark booked its third consecutive quarterly net loss in its first quarter ended July 30, 2024 (1QFY2025), dragged mainly by unscheduled downtime at its waste-to-energy plant in Negeri Sembilan. It posted a net loss of RM18.07 million for 1QFY2025, compared with a net profit of RM305,000 in 1QFY2024, despite revenue rising 36.4% to RM49.82 million from RM36.52 million on stronger contributions from its construction and engineering segment.
Cypark’s shares closed one sen or 1.16% higher at 87 sen on Friday, valuing the company at RM715.86 million. Year-to-date, the stock has declined over 5%.